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 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.
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.
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
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