United Bank UK has increased the rates of its three and five-year fixed deals by up to 0.05%, allowing both to shore up their positions in the Moneyfacts charts.
3 Year Fixed Term Deposit now pays a yearly rate of 2.50% (2.47% monthly, 2.56% on maturity), while its five-year counterpart pays 3.04% yearly (3.00% monthly, 3.13% on maturity), allowing both to maintain places among the top 10 accounts in their respective sectors.
These accounts can be opened in branch, by post and online with an initial investment of at least £2,000, before becoming internet-operated. Savers should note that access is via a nominated account.
As with many deals in the fixed rate market, neither account allows further additions. However, there is a possibility of accessing funds prior to maturity, although this is dependent on permission from the bank, closure of the account and the loss of 270 days' interest for the three-year account and 365 days' interest for the five-year variant.
The rate increases to these accounts have ensured their continued place in the charts, something that is sure to interest those who are keen to secure a decent return. Savers are also likely to be drawn by the accounts' flexibility, as yearly, monthly and on maturity interest options are available. The possibility of closing the accounts early is also appealing, although savers must remember that this does depend on the bank's discretion and will lead to a hefty interest penalty.
Moneyfacts rating: Excellent
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 Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.