Savings: The Bank offers a “competitive” rate to savers by increasing interest rates | Personal finance | Finance

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

Challenger Banks challenge big banks by offering competitive interest rates on savings.

United Trust Bank offers an interest rate of 4.60% if people can afford to lock in their savings for more than a year.

This savings account has been rated a top pick by experts at Moneyfacts who say it’s a “great” choice.

Commenting on the deal, Rachel Springall, finance expert at Moneyfacts.co.uk, said: “This week United Trust Bank looked at some rates on its UTB bonds, including its 15-month option.

READ MORE: Dave Ramsey explains whether the 58-year-old should use his savings to overpay his mortgage or pay his pension

“Now paying a rate of 4.60%, the UTB 15-month bond may appeal to savers looking for a competitive short-term yield.

“As no prior access or additional additions are permitted, savers need to be confident that they can engage from the start.

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

Key product details for the 15 month option:

  • Rate: 4.60% gross / 4.60% AER payable on anniversary
  • Notice / duration: 15 months
  • Minimum opening amount: £5,000
  • Maximum investment amount: £1 million
  • Access: Unauthorized
  • Other additions: not allowed
  • Account opening: Online
  • Account management: Online, by phone and by mail
  • Other information: Minimum age of applicant 18 years. Joint account option available.

DO NOT MISS

Barclays customers can earn 5.12% interest on their savings and they will be able to access their money when 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 3%, which means that many banks are following and raising their interest rates.

Brits are encouraged to shop around and seek out the best deals available to them and their money, whether short or long term.

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