Secure Trust Bank has increased the rates paid on selected savings accounts by up to 0.03%, propelling two of its fixed rate deals up the Moneyfacts charts.
Fixed Rate Bond 7 Year Term (Series 23) now pays 3.13% yearly until 30.10.22, making it the market-leader for its term. Meanwhile, its five-year counterpart (Series 24) pays a competitive fixed rate of 3.05% until 30.10.20 after receiving the maximum increase of 0.03%, enabling it to sit comfortably among the top 10 of its sector.
Both accounts must be opened online and then managed by post or phone. An initial deposit of at least £1,000 is required.
Additional deposits can be made while the issues remain open, but early access to funds is not permitted. Savers must therefore be happy to lock their money away for the full length of their chosen term.
The rate increases to these bonds have made them even more competitive in the market, with the seven-year option now occupying a market-leading position. As a result, savers who are hunting down highly competitive fixed term deals are likely to seriously consider both bonds as attractive options.
Moneyfacts rating: Excellent
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