Charter Savings Bank has increased the rate of its one-year bond by 0.09%, allowing it to move into the top position in the charts.
The one-year version of Fixed Rate Bond now pays a market-leading rate of 2.00% yearly (1.98% monthly).
This internet-operated account requires an initial investment of at least £1,000. Savers should note that access is via a nominated account.
Additional deposits can be made for up to 14 days after the account has been opened, but withdrawals are not permitted until the bond matures. Savers must therefore be prepared to lock their money away for the full length of the term.
The rate increase to this account has enabled it to take prize position in the charts, something that is sure to be noted by savers hunting for a competitive short-term deal. The additional flexibilities of a monthly interest option and an opportunity to increase the amount deposited (albeit within a 14-day timeframe) further enhance the attractiveness of this deal. However, the absence of early access does mean that savers must be comfortable forgoing access to their funds for the duration of the term.
Moneyfacts rating: Excellent
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