Union Bank of India (UK) has increased the rate on its one-year fixed term deposit by an impressive 0.20%, which has enabled it to enter the Best Buy chart for its sector at a competitive place, earning a high Moneyfacts rating in the process.
The one-year Term Deposit now boasts a rate of 1.50%, paid on maturity. A version for business customers paying the same rate is also available.
This account requires a minimum investment of £1,000. It does not permit additions or early access, so savers will have to be certain they won't need their chosen funds for the entire year. The account can be opened in branch and by post, after which it can be managed online as well.
The increased rate on this account has made it competitive enough to earn a place in the Best Buy charts, as well as a high rating.
Moneyfacts rating: Excellent
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