Range of competitive savings accounts launched | moneyfacts.co.uk

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MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 30/08/2019

Charter Savings Bank has launched a chart-topping one year fixed rate ISA, along with a range of other highly competitive savings products.

The launch of the one year fixed rate ISA has resulted in it topping our one year fixed rate ISA chart, offering savers a rate of 1.62%, while its 2 Year Fixed Rate Cash ISA currently offers the second-best rate for its term, paying 1.76%. Charter Savings Bank has also relaunched its easy access ISA, paying a highly competitive rate of 1.44%.

In addition to this, the challenger bank has launched a range of non-ISA savings products, all of which are offering competitive rates for their respective terms. Its 95 Day Notice – Issue 25 account, for example, pays the top rate for its term of 1.81%, while the 18-month version of its Fixed Rate Bond pays a highly competitive rate of 1.98% and the one year version of this account pays 1.91%.

All these ISAs and savings accounts are already available to view in our savings charts.

Savings boost

The launch of this competitive savings range is good news for savers, especially as it comes at a time when the savings market has not seen much competition. In fact, this week saw the Bank of London and The Middle East – which has been dominating the fixed rate bond charts – reduce the rates on its three, four, five year and seven year bonds.

Rachel Springall, finance expert at Moneyfacts.co.uk, said: “These new deals from Charter Savings Bank reaffirm the fact that challenger banks are still working had to entice new customers. Savers yet to use their ISA allowance will be delighted to find Charter Savings Bank’s new one-year fixed rate ISA sits at the top of its sector paying 1.62%, but for savers who want instant access, its 1.44% Easy Access Cash ISA is also a great contender and offers unlimited withdrawals.

“Savers would be wise to keep abreast of the current changes in the market as we have seen several cuts to fixed rates in recent weeks, so a popular deal may not sit on the shelf for too long. Keeping a close eye on the best rate tables and signing up to email alerts would be a good idea to stay informed.”

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