Chorley Building Society – Seasonal Regular Saver
Chorley Building Society has launched a new Seasonal Regular Saver this week. Paying 1.25% on maturity, this variable rate fixed term account compares well when assessed against other regular savings products currently in the market. This may appeal to those who are hoping to initiate a regular savings habit, as they will be able to do so with a maximum monthly deposit amount of £250. Investors should note that earlier access is not permitted on this account, therefore careful planning is advised, and also that all deposits must be new money to the institution. On balance, the account secures an Excellent Moneyfacts product rating.
Key product details:
- Rate: 1.25% gross / 1.25% AER, payable on maturity, variable rate
- Notice / term: Fixed term to 30.11.21
- Minimum opening amount: £1
- Maximum investment amount: £3,000
- Access: Not permitted
- Further additions: Permitted, up to a maximum of £250 per month
- Opening account: In branch or by post
- Managing account: In branch and by post
- Other information: Minimum applicant age 18. All deposits must be new money to the institution. Joint account option available.
Al Rayan Bank – 12-month Fixed Term Deposit
Al Rayan Bank has reduced the rate on its 12-month Fixed Term Deposit account by 0.23% this week. Now paying 0.85% quarterly as an expected profit rate, there is also an option to take the quarterly profit as an income at a reduced rate, which may be of interest to some savers. Despite the reduction, this account maintains a position in our top rate tables and could entice savers who are able to meet the £5,000 minimum investment amount with an attractive return on their investment. As is common in the fixed bond market, earlier access is not permitted, so savers may wish to plan accordingly. The account receives an Excellent Moneyfacts product rating.
Key product details:
- Rate: 0.85% gross / 0.85% AER, payable quarterly
- Notice / term: 12 months
- Minimum opening amount: £5,000
- Maximum investment amount: No maximum investment
- Access: Not permitted
- Further additions: Not permitted
- Opening account: By phone, in branch, online or via mobile app
- Managing account: By phone, in branch, online and via mobile app
- Other information: Minimum applicant age 16. Sharia-compliant account – rates shown are expected profit rate. Joint account option available.
Bank of London and The Middle East – Two-year Premier Deposit Account
Bank of London and The Middle East (BLME) has reduced the rate on its two-year Premier Deposit Account by 0.10% account this week. Now paying 1.10% on anniversary as an expected profit rate, this account continues to feature in our top rate tables and could appeal to savers looking to secure a competitive return on their savings pot and who are happy to lock their money away for the term of the account. Neither early access or further additions are permitted, so savers may wish to plan accordingly. The account receives an Excellent Moneyfacts product rating.
Key product details:
- Rate: 1.10% gross / 1.10% AER, payable on anniversary
- Notice / term: Two years
- Minimum opening amount: £1,000
- Maximum investment amount: £1,000,000
- Access: Not permitted
- Further additions: Not permitted
- Opening account: Online
- Managing account: By post
- Other information: Minimum applicant age 18. Sharia-compliant account – rates shown are expected profit rate. BLME transfer account required. Joint account option available.
