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Moneyfactscompare.co.uk has complied its ‘Pick of the Week’ list, highlighting the best savings interest rates on the market. One of the accounts from Cynergy Bank is offering a fixed bond account with a 4.42 percent rate, giving customers a “competitive return”.
The bank’s One-Year Fixed Bond has an interest rate of 4.42 percent and a term of 12 months.
For this particular savings product, the minimum opening amount is £10,000, while the maximum investment is £1million.
While access to the account is not permitted, further additions are allowed 14 days from its opening.
Any savers interested in this product can open and manage it by visiting the Cynergy Bank website.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, discussed why the bank’s latest offering is a boon for savers.
She explained: “This week Cynergy Bank has increased rates on its range of fixed bonds, which includes the one-year fixed option that now pays 4.42 percent.
“The deal sits in a prominent position against other bonds that are fixed for 12 months and may entice savers who are looking for a competitive return and are happy to lock their cash away for the next year.
“As is common with a fixed bond, no earlier access is permitted, and investors will need a minimum of £10,000 to deposit to be eligible.”
On top of this, the finance expert is recommending the 18-month fixed-rate ISA from Santander which pays an interest rate of 4.25 percent.
The term on this particular savings account lasts until October 1, 2024 and has a minimum opening amount of £500.
As it is an ISA account, the maximum investment amount for Santander’s product is the ISA allowance of £20,000.
Access to the account is permitted but subject to account closure and 120 days’ loss of interest penalty.
Any further additions to the account are allowed until April 30, 2023, and transfers are permitted from other ISA accounts.
Transfers of money out of the account are also allied but are subject to its closure and savers may be subject to 120 days’ loss of interest penalty.
All accounts can be opened either online, by visiting a local branch or by using Santander’s mobile banking app.
The minimum applicant age for the fixed-rate ISA is 16 and a £50 e-voucher is awarded to customers transferring in from a non-Santander ISA of £10,000 or more.
Moneyfactscompare’s savings expert shared why this particular account from the high street bank is one people should take advantage of.
Ms Springall added: “Santander has launched a new 18 Month Fixed Rate ISA this week, which takes a competitive position within our top rate tables.
“The deal pays a rate of 4.25 percent yearly and may appeal to savers who want to invest over the shorter-term and those looking to use their ISA allowance before the new tax year begins.
“This ISA permits savers to make transfers in for 14 days from account opening, but savers will be subject to 120 days’ loss of interest penalty and closure of the account should they wish to access their money early.”
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