Secure Trust Bank has taken the Moneyfacts charts by storm by increasing the rate of its two-year bond by 0.12% and its 120-day notice deal by 0.05%, catapulting both to the top of their respective sectors.
Fixed Rate Bond 2 Year Term (Series 11) now pays a market-leading rate of 2.33% yearly (backdated to 30.6.15), while 120 Day Notice (Issue 13) now pays a joint market-leading rate of 1.95% quarterly, allowing both to sit right at the top of the charts.
Both accounts must be opened online with a minimum investment of £1,000. They can then be managed by post and phone.
The bond allows further additions while the issue remains open, but early access to funds prior to maturity is not permitted. Savers must therefore be happy to lock their money away for the full term.
The notice account, on the other hand, allows unlimited additions. Restricted withdrawals are also allowed provided savers abide by the 120-day notice period, with three capital and four interest withdrawals permitted over the calendar year. Early access, however, is not possible, so savers must plan their withdrawals carefully to meet the notice criteria. Savers should also note that access is via a nominated account.
The rate rises to both of these accounts has sent them spiralling to the top of the charts, something that is sure to delight savers. However, neither deal allows early access to funds, so savers must ensure they are happy to abide by their chosen account's restrictions.
Moneyfacts rating: Excellent
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