OakNorth Bank has increased rates on its fixed term savings accounts by up to 0.05%, which has helped its two-year deal enter the Best Buy chart of its sector and earned it a high Moneyfacts rating.
The two-year Fixed Term Deposit now boasts a rate of 1.41%, which constitutes a top-10 rate for its terms.
The account must be opened online and can then be operated by post and over the phone. It requires a minimum investment of £1,000. Withdrawals, additions and early access are not allowed, so anyone considering this deal should ensure they are happy to part with their cash for the full two years.
Bucking the current rate-cutting trend by increasing its rate is more than enough to make this deal a Best Buy. As such, it rightly deserves its Moneyfacts rating and entry into the chart for its sector.
Moneyfacts rating: Excellent
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