United Bank UK has given selected fixed accounts a welcome rate boost of up to 0.50%. As a result, its three and five-year deals have crept up the Moneyfacts charts and secured an 'excellent' rating for their competitive terms.
3 Year Fixed Term Deposit now has a top-10 rate of 2.45% yearly (2.42% monthly, 2.51% on maturity), while its five-year counterpart boasts an attractive yearly rate of 3.00% yearly (2.96% monthly, 3.09% on maturity), which also enables it to sit comfortably near the top of the charts.
These accounts can be opened and operated in branch and by post with an initial deposit of at least £2,000. Savers should note that access is via a nominated account and interest must be paid away.
Like many fixed rate deals, further additions are not permitted, but it is possible to access funds prior to maturity upon the manager's discretion, which will result in closure of the accounts and the loss of 270 days' interest for the three-year deal and a hefty 365-day loss for the five-year variant.
Both of these accounts have shored up their positions on the Moneyfacts charts thanks to this latest rate increase. Also in their favour are the myriad interest options, which will appeal to those who wish to secure a regular income or a lump sum payment at the end of the fixed period. Another bonus is the option to access funds early, although savers should note that this is subject to closure of the accounts and a hefty penalty.
Moneyfacts rating: Excellent
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