Bank of Cyprus UK has reviewed its fixed rate offerings and made slight reductions. However, the 18-month and three-year deals have held firmly onto their places in the Moneyfacts charts.
The 18-month Bank of Cyprus UK Bond now pays a competitive rate of 1.91% on maturity while the three-year variant has a rival-beating yearly rate of 2.30%.
Meanwhile, the one-year version has a new rate of 1.65% per annum (1.45% monthly) and the 15-month deal pays 1.75% upon maturity. The two-year account has a new annual rate of 2.05%.
Bank of Cyprus UK's FlexiBond account also has a new rate of 1.50% per annum.
The bonds can be opened online, in branch, by post or by phone with an initial investment of £1,000. The accounts can then be managed via the same methods.
No early access or further additions are permitted, so investors must think carefully about the sum to be deposited and the length of the term chosen.
The FlexiBond can be opened with a minimum investment of £10,000 and can be opened and operated in branch, by post or by phone. Two withdrawals with a combined total of up to 30% of the initial deposit can be made during the term as long as 35 days' notice is given. However, no further additions may be made.
All accounts have a business version available for company deposits.
Despite the small reductions, the 18-month and three-year bonds have kept their competitive edge, which is sure to attract investors. However, savers must be aware that funds cannot be touched before the bonds mature and no further deposits can be made once the accounts are open.
Four Moneyfacts Stars have been awarded.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.