Tesco Bank has increased the rate paid on its three-year fixed bond by 0.15%, catapulting it into the Moneyfacts charts as a result.
The three-year version of Fixed Rate Saver now pays a competitive rate of 2.50% yearly (2.47% monthly), allowing it to move up to take a solid position among the top 10 accounts of its sector.
This account can be opened and operated by phone and online with a minimum investment of £2,000.
As is common in this sector, no additions or withdrawals are permitted, so savers must be confident about the amount they invest and the length of the term from the beginning.
The rate increase to this bond has given it a leg-up into the charts, a move that is sure to attract the notice of savers. Although it lacks the flexibility of access or additions, the newly-improved rate and the option of earning monthly interest should render it an appealing option in the market.
Moneyfacts rating: Excellent
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