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OakNorth Bank improves fixed rates

OakNorth Bank improves fixed rates

Category: Savings
Date: 15/12/2016

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 It is now over 6 months old so the content may be out of date.

OakNorth Bank has increased rates across selected fixed rate bonds by up to 0.06%, which has caused its 12-month, 15-month and 24-month deals to improve their positions in the Best Buys – two even becoming market-leaders – earning them a high Moneyfacts rating in the process.

The basics…

The 12-month Fixed Term Deposit pays 1.41% upon maturity, the market-leading rate for its term, while the 15-month equivalent pays an equally market-leading 1.45% which sees it head straight to the top of the charts for its sector. The 24-month version, meanwhile, sits just behind the market-leader for its term, paying 1.56% on maturity.

The finer details…

The bonds all require a minimum investment of £1,000 and have to be opened online, after which they can be managed by post and over the phone as well. As is common in this sector, no additions or withdrawals are allowed before the full term of the bonds are up, so savers will have to ensure they can part with their cash for the whole term of whichever account they may choose.

Why we like them…

The top (and near top) rates on these updated fixed bonds are more than enough to earn them a high rating and a competitive place in the Best Buys, with all paying interest above the current rate of inflation.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

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