Bank of Cyprus UK has reduced the rates paid on selected savings accounts; however, its one and two-year fixed ISAs and its 18-month bond have proved their staying power and held on to their coveted places in the charts.
The one-year version of Fixed Rate Cash ISA now pays 1.40% on maturity, while its two-year counterpart pays 1.65% yearly, both of which are top-10 rates for their respective terms.
The 18-month variant of Fixed Rate Bond, meanwhile, pays a competitive 1.76% on maturity, which also allows it to remain in the charts.
All of these accounts can be opened and operated in branch, by post, by phone and online. The ISAs require a minimum investment of £500 while the bond needs an initial deposit of at least £10,000.
The ISAs welcome transfers in from both cash and stocks & shares ISAs, but further additions are not permitted if a fixed rate is to be maintained. They do, however, allow early access to funds, albeit upon the loss of 180 days' interest, the same penalty as applies to transfers away.
The bond does not allow either additions or access to funds, which means that savers must think carefully about how much they are willing to lock away over the 18-month term.
The rate reductions have not hampered the competitive drive of these accounts: all three remain among the top accounts of their respective sectors, so savers are certain to continue to pay attention to them. The added flexibility of early access with the ISAs, albeit upon payment of an interest penalty, is also an appealing feature that will attract interest from eager savers.
Moneyfacts rating: Excellent
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