Union Bank of India (UK) Ltd has reduced the rates paid on its fixed bonds by up to 0.30%. Nevertheless, its one, two, three, four and five-year deals have been able to keep their prized chart places thanks to their continued appeal.
The one-year version of Term Deposit now pays a competitive rate of 1.90% on maturity, while its two, three, four and five-year counterparts pays respective rates of 2.15%, 2.40%, 2.50% and 2.70% on maturity, enabling all to keep their places in the charts.
These accounts can be opened in branch and by post and then managed in the same way as well as by phone. An initial deposit of at least £1,000 is required.
Further additions cannot be made once an account is open, while early closure is only possible with the bank's discretion and upon payment of a penalty.
These accounts may have had their rates cut, but this has not led to the loss of their prestigious places in the charts. Indeed, savers who are looking for a competitive account to lock their money away in over a short or long term will continue to find these bonds appealing thanks to their continued attractive returns.
Moneyfacts rating: Excellent
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