United Bank UK has bucked the rate-cutting trend by boosting the rates paid on its fixed bonds by up to 0.53%, sending all of them into the Moneyfacts charts as a result.
1 Year Fixed Term Deposit now pays 1.75% on maturity (1.74% monthly), while its two-year counterpart pays 2.00% yearly (1.98% monthly, 2.02% on maturity) and the three and five-year versions pay respective yearly rates of 2.25% (2.23% monthly, 2.30% on maturity) and 2.80% (2.76% monthly, 2.96% on maturity), enabling all four to move into the top 10 of their respective sectors.
These accounts can be opened and operated in branch and by post with a minimum deposit of £2,000. Savers should note that access is via a nominated account.
As is common in the fixed market, further additions will not be accepted once an account is open; however, it is possible to close an account early, subject to the manager's discretion and the loss of 90, 180, 270 and 365 days' interest respectively for the one, two, three and five-year accounts.
The rate rises on these accounts have made them forces to be reckoned with in the fixed savings market. As a result, savers who are eager to secure a decent return are likely to pay a great deal of attention to these accounts, particularly as they offer considerable flexibility in how regularly they pay interest.
Moneyfacts rating: Excellent
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