Bank of Cyprus UK has launched a highly competitive six-month bond onto the market, earning it an 'excellent' rating in the process.
The six-month version of Bank of Cyprus UK Bond pays 1.55% on maturity, the top rate for its sector.
This account can be opened and operated in branch, by phone, by post and online with a minimum deposit of £1,000.
As is common in the fixed rate market, no additions or early access to funds is permitted. Savers must therefore think carefully about how much they are willing to lock away for the six-month term.
For non-personal savers, this account is also available as a business bond paying the same rate of interest.
This newcomer onto the market is likely to turn heads with its attractive rate and will appeal to those who are on the hunt for a short-term home for their savings. However, the lack of early access does mean that the funds must be left untouched for the full term, so savers must ensure that they are happy to lock their money away.
Moneyfacts rating: Excellent
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