Axis Bank has increased the rates paid on its two and three-year fixed rate bonds, pushing both into the Moneyfacts charts as a result.
The two-year version of Fixed Rate Bond now pays a competitive rate of 2.27% yearly (2.27% on maturity, 2.26% quarterly or 2.25% monthly) while its three-year counterpart pays an annual rate of 2.50% (2.50% on maturity, 2.48% quarterly or 2.47% monthly), allowing both to sit comfortably among the top 10 accounts of their respective sectors.
Both accounts can be opened in branch and online with a minimum investment of £10,000 before becoming branch and postal-operated. Savers should note that access is via a nominated account.
As is common in the fixed rate market, neither account allows further additions or early access to funds. Savers must therefore ensure that they are happy with both their investment and the length of their chosen bond.
The rate increases to these bonds have given them a competitive boost, enabling them to take coveted places in the Moneyfacts charts. The flexibility of the available interest options add some extra appeal and will probably prove to be attractive to those who wish to secure a regular income.
Moneyfacts rating: Excellent
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