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Savings rates are low across the board at the moment as the Bank of England continues to keep the base rate at record lows. Despite this, banks are regularly launching new deals in a bid to entice savers.
Today, Gatehouse Bank has extended its popular range of Green Saver accounts, with the introduction of an 18 month and a four year fixed term account.
These two accounts offer the following Annual Equivalent Rates (AER):
- 18 Month Fixed Term Green Saver – 1.25 percent
- Four Year Fixed Term Green Saver – 1.55 percent
Gatehouse Bank broke down how these accounts offer environmental perks: “Both accounts offer customers a competitive return on their savings and provide the opportunity for savers to play their part in a greener future, with a tree planted in a certified UK woodland project for each account opened and the carbon credits registered on behalf of the Bank’s Green Saver customers.
“The new accounts extend the Bank’s suite of Green Saver accounts to ten, of which four are Green Saver Cash ISAs.
“Green Saver customer trees are planted in one of four specific UK woodland projects through our tree planting partner, Forest Carbon.
“Tree planting is vital for meeting some of the UK’s greatest environmental needs, playing an important role in the effort to combat climate change and environmental degradation.
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“Trees planted through the Green Saver tree planting scheme permanently ‘lock up’ or sequester atmospheric carbon dioxide (CO2) in their wood and the soil of the woodland where they grow.”
Rav Kumar, a Senior Product Manager at Gatehouse Bank, commented: “Gatehouse is committed to providing customers with a competitive return on their savings over the long term, and introduction of the 18 month and four year Green Saver accounts offer customers additional choice and the opportunity to a contribute to a greener future.
“Since the launch of our Green Saver range in February, we have already planted over 5,000 new trees across in the UK, thanks to the Gatehouse customers, and by increasing the number of products available to savers, we aim to plant many more trees in the near future.”
ISA rates were also increased today by Paragon Bank, which boosted the rate of its one-year fixed rate ISA.
Paragon Bank shared it was targeting “a top-of-the-market position” with its One Year Fixed Rate ISA being boosted.
From today, the rate for this account increased from 0.75 to 0.8 percent AER.
Paragon’s range of savings products can be opened and managed online, over the phone or by post and are available to both new and existing customers.
All of Paragon’s ISAs are eligible for the ISA Wallet feature.
This allows savers to spread their £20,000 annual ISA allowance with Paragon across multiple cash ISAs, rather than just open one specific account.
The easy access ISAs are also eligible for the “Flexibility” feature, which allows any money withdrawn from an ISA to be replaced without the year’s allowance being impacted.
Derek Sprawling, Savings Director at Paragon Bank, commented: “We want to support people who are looking to build up their tax-free savings by offering a range of competitive cash ISAs that are suited to all needs. Our range of products is available to both new and existing customers.
“Our ISAs are designed with flexibility in mind. Our ISA Wallet feature gives savers the opportunity to split their ISA allowance across different ISA accounts. On top of this, we also offer a ‘flexibility’ feature on our easy access ISAs that allow customers to replace funds withdrawn from an ISA without their allowance being impacted.
“It’s easy for people looking for a competitive deal to open and manage an account with Paragon and they can choose to apply online, by telephone or by post. Our 28-day rate guarantee ensures that any customers part way through the application process already, or with an imminent maturity with us, will also benefit from our new rates automatically.”
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