Bank offers ‘competitive’ rate for ‘short-term’ savers

Suren Thiru discusses the rise in interest rates

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Savers can benefit from this “excellent” interest rate on savings up to one million pounds. However, they will need to have £5,000 to open the account and they won’t be able to access their savings for 15 months.

Challenger banks are giving high street banks a run for their money by offering competitive interest rates on savings.

United Trust Bank offers 4.60 percent interest if people can afford to lock their savings away for over a year.

This savings account was rated as a top pick by Moneyfacts experts who say it is an “excellent” choice.

Commenting on the deal, Rachel Springall, Finance Expert at, said:“This week United Trust Bank has reviewed selected rates on its UTB bonds, including its 15-month option.

“Now paying a rate of 4.60 percent, the UTB 15 Month Bond may entice savers who are searching for a competitive return over the shorter-term.

“As no earlier access or further additions are permitted, savers must be sure they can commit from the outset.

“Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details for the 15-month option:

  • Rate: 4.60 percent gross / 4.60 percent AER payable on anniversary
  • Notice / term: 15 months
  • Minimum opening amount: £5,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.
  • UTBs one year bond offers savers 4.40 percent Gross/AER.

    Based on a £5,000 deposit, after one year the interest earned would be £220.00.

    The total balance would be £5,220.00.

    To open an account savers need to be 18 or over.

    Additionally they need to permanently reside in the United Kingdom.

    The minimum deposit is £5,000.00 per account, while the maximum deposit is £1million per account.

    People can open their personal accounts online on their website.

    UTB is not the only bank to offer a much better interest rate of late.

    Barclays customers can get 5.12 percent interest on their savings and they will be able to access their money whenever they need it.

    The Rainy Day Saver account Savers can be opened with just a £1 deposit

    As the cost of living crisis continues, Britons are urged to make the most of their money.

    The Bank of England recently raised the base rate to three percent meaning many banks are following and raising their interest rates.

    Britons are encouraged to shop around and look for the best deals available for them and their money whether short term or long term.

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