Fixed rate bonds storm the charts | Product News - Moneyfacts

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Fixed rate bonds storm the charts

Fixed rate bonds storm the charts

Category: Savings
Date: 16/09/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Paragon Bank has enhanced its fixed rate offerings by increasing the rate paid on its two-year fixed rate bond by 0.15% and introducing a five-year variant, both of which have secured positions near the top of the Moneyfacts charts.

The basics…

Two Year Fixed Rate Bond now pays 2.40% yearly (2.37% monthly), a market-leading rate for its term. Meanwhile, the five-year version pays 3.10% yearly (3.06% monthly), enabling it to establish itself among the top-10 accounts of its sector.

The finer details…

Both accounts require a minimum investment of £1,000 and must be opened and operated online. Savers should note that access is via a nominated account.

Additional deposits are welcome for up to five days after an account has been opened, but early access to funds is not. Savers must therefore be happy to lock their money away for the entirety of their chosen term.

Why we like them…

Both of these accounts have eye-catching rates, with the two-year version proving to be particularly competitive. The fact that they offer monthly interest rates means that they will also appeal to those looking to secure a regular income, while the ability to add extra funds (albeit for a short period of time) gives some welcome flexibility.

Moneyfacts rating: Excellent

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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