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Hodge Bank improves savings accounts

Hodge Bank improves savings accounts

Category: Savings
Author: Lieke Braadbaart
Date: 18/04/2018

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 It is now over 6 months old so the content may be out of date.

Hodge Bank has increased selected fixed savings rates by 0.05%, which sees its three-year bond and one-year ISA enter the charts for their sectors. They both also earn a high rating.

The basics…

The 3 Year Fixed Rate Account now boasts a rate of 2.25%, paid on its anniversary, while the 1 Year Fixed Rate Cash ISA pays 1.40%, whereby interest is paid on maturity. Both accounts offer alternative versions that pay slightly reduced rates for those who'd prefer to get their interest paid on a monthly basis.

The finer details…

These accounts require a minimum initial investment of £1,000. They can be opened online and by post, and then operated over the phone and by post. Those who choose to open the bond online get 10 working days wherein they can add funds to the account, but withdrawals are not permitted regardless of the opening method. The ISA does allow earlier access, but only on closure of the account and 90 days' loss of interest. The ISA doesn't allow any additions, but transfers in from cash and stocks & shares ISAs are permitted, as are transfers out of at least £1,000 on the loss of 90 days' interest.

Why we like them…

Having increased their rates and entered the Best Buy charts as a result, it's easy to see why these accounts have been deemed worthy of a high rating.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

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