OakNorth Bank has reduced the rates paid on its fixed rate bonds by up to 0.10%; however, its 30-month deal has clung onto its chart spot thanks to its continued competitiveness.
The 30-month version of Fixed Term Deposit now pays a still-competitive rate of 1.83% on maturity, enabling it to remain among the top 10 accounts in its sector.
This account must be opened online but it can then be managed by phone as well as online. An initial investment of at least £1,000 is needed in order to open an account.
As is common in the fixed rate market, neither further additions nor early access to funds will be allowed. Savers must therefore ensure that they are happy with their investment and the length of the term.
Savers who are looking to lock their money away in order to secure a decent return will continue to look favourably on this deal. Still paying a top-10 rate, it remains in the Moneyfacts charts and retains its considerable appeal.
Moneyfacts rating: Excellent
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