Fixed rate bonds take on the charts! | Product News - Moneyfacts

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Fixed rate bonds take on the charts!

Fixed rate bonds take on the charts!

Category: Savings
Date: 10/07/2015

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 It is now over 6 months old so the content may be out of date.

Union Bank of India (UK) Ltd has increased the rates of selected fixed bonds by up to 0.30%, propelling its one, two and three-year deals into the Moneyfacts charts.

The basics…

The one-year version of Branch Term Deposit now pays 2.00% on maturity, while its two and three-year counterparts pay 2.25% and 2.55% respectively, pushing all three into the top 10 of their respective sectors.

The finer details…

These accounts must be opened and operated in branch with a minimum investment of £1,000.

As with many fixed rate deals, further additions are not permitted, so savers need to ensure that they are happy with their opening investment. On the other hand, it may be possible to access funds prior to maturity, although this is dependent upon the discretion of the bank and will lead to closure of the account and a penalty.

Why we like them…

The rate hikes to these accounts has cemented their positions in the charts, something that is sure to excite eager savers. The fact that it could be possible to access funds early is also appealing, although savers must weigh this advantage against the fact that it will lead to closure of the account and a penalty.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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