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Five-year bond and ISA compete

Five-year bond and ISA compete

Category: Savings
Author: Lieke Braadbaart
Date: 16/04/2018

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 It is now over 6 months old so the content may be out of date.

United Bank UK has increased both its five-year fixed rate bond and the equivalent ISA by 0.44%, which sees the bond enter the savings chart for its sector in a competitive place, while the five-year ISA now sits supreme at the top of the charts. They both also earn a high rating.

The basics…

The 5 Year Fixed Term Deposit now pays a joint market-leading rate of 2.65%, while the 5 Year Fixed Rate Cash ISA boasts the same, solely market-leading rate of 2.65%. In both cases, interest is paid on the anniversary of the account opening and must be paid away.

The finer details…

These accounts require a minimum initial investment of £2,000 and do not allow additions. However, the bond can permit earlier access at the bank's discretion on a 365-day loss of interest penalty via a nominated account, while the ISA allows early access on the same interest penalty, as well as closure of the account. The ISA furthermore permits transfers in from other cash ISAs, as well as transfers out on the same 365-day interest penalty. The accounts can be opened and operated in branch and by post. Those interested in the bond will also have the option of opening the account online.

Why we like them…

The market-leading rates easily earn these savings accounts their high rating, as well as the ISA's number one status and the bond's competitive position in the Best Buys.

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

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