BLME keeps fixed rate bonds in the charts | Product News - Moneyfacts

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BLME keeps fixed rate bonds in the charts

BLME keeps fixed rate bonds in the charts

Category: Savings
Date: 16/10/2014

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Bank of London and The Middle East has reviewed its fixed rate bonds and made some slight reductions. Nevertheless, its 18-month and three-year accounts have retained their places in the Moneyfacts charts.

The basics…

The 18-month Sharia'a compliant Premier Deposit Account now pays a competitive rate of 1.80% per annum. Meanwhile, the three-year version pays a rival-beating 2.40% yearly.

The finer details…

These accounts require an initial investment of £25,000 and can be opened and operated online. A BLME current account is needed in order to transfer funds to the chosen bond.

As with many fixed rate accounts, further additions cannot be made and early access is also not allowed. Investors must therefore think carefully about the size of their investment and the length of the chosen term.

Why we like them…

Although a hefty initial investment is needed, the 18-month and three-year bonds offer excellent rates for those looking to make a short to mid-length investment. However, savers will need to be comfortable with locking their money away as there is no option to access funds early.

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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