Tesco Bank has recently reviewed its fixed savings range, and despite a small reduction, the five-year deal still boasts a competitive rate, which has helped it to retain its position in the top 10.
Fixed Rate Saver for a five-year term has a new top 10 rate of 3.10% per annum (3.06% per month), rating among the market-leaders in its sector. Meanwhile, the one-year term pays a yearly rate of 1.75% (1.74% monthly) while the two-year version has a rate of 2.10% per annum (2.08% per month). The three-year bond now has an annual rate of 2.40% (2.37% monthly) and the four-year variant pays a rate of 2.75% annually (2.72% monthly).
All bonds require a minimum investment of £2,000 and can be operated online or over the phone.
As with most fixed rate deals, further additions and early access to funds are not permitted. Investors must therefore be happy with the term chosen and the amount invested from the beginning.
Despite the slight reduction in rate, the five-year deal has retained its competitive edge, maintaining a place in the top 10 for its sector. As a result, this product is likely to still appeal to investors looking to make a good return on their money. Although early access to funds is not permitted, the monthly option gives savers some welcome flexibility.
Four Moneyfacts Stars have been awarded.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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