Harrods Bank has increased the rates paid on its fixed rate bonds by up to 0.40%, pushing its one-year, 18-month and two-year deals into the top 10 for their respective sectors.
1 Year Fixed Rate Deposit now pays a competitive yearly rate of 2.05%, which enables it to sit comfortably in the charts. Meanwhile, its 18-month counterpart now pays a joint market-leading rate of 2.10% yearly and the two-year version pays 2.35% yearly, which allows it to sit just behind the current market-leader of its sector.
These bonds can be opened in branch, by post and online with a minimum investment of £20,000. They can then be operated in branch, by post and by phone. Savers should note that a linked Call Deposit account will automatically be opened for transactional purposes.
As is common in the fixed rate sector, no additions or withdrawals are permitted. Savers must therefore be happy with the amount they invest and the length of their chosen term from the beginning.
Saves with a significant savings pot to invest are likely to be pleased by these latest rate increases, which have boosted the competitiveness of these bonds. All three now sit comfortably in the charts, but the 18-month version is particularly competitive, boasting a joint market-leading rate.
Moneyfacts rating: Excellent
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