United Bank UK has unleashed a highly competitive seven-year fixed rate bond onto the market, securing it a coveted place on the Moneyfacts charts thanks to its eye-catching rate and terms.
7 Year Fixed Term Deposit pays 3.12% yearly (3.08% monthly, 3.43% on maturity), a market-leading rate for its term.
This account can be opened in branch, by post and online before becoming internet-operated. A minimum investment of £2,000 is required. Savers should also note that access is via a nominated account.
Further additions are not welcome but there is the potential to access funds prior to maturity upon the manager's discretion as well as closure of the account and the loss of 730 days' interest.
For those who are looking to invest non-personal savings, a business version of this account paying a slightly reduced rate is also available.
This new addition to the savings market is likely to attract significant interest thanks to its market-leading rate. Savers who are looking to invest for the long-term are likely to appreciate its competitive position and flexible interest options, while the potential to access funds early, albeit with certain restrictions, adds another layer of appeal.
Moneyfacts rating: Excellent
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