According to Moneyfacts, the last time a three-year fixed rate bond paid 1.75pc was October 7th 2016 with Al Rayan Bank and it was withdrawn the very next day. The Ikano Bank accounts can be opened online with £1,000 and managed by telephone if preferred. Customers are given 14 days to credit the account. Interest can be paid into the account, allowing for compounding, or into a nominated account. As to be expected no access is permitted during the term.
Ikano Bank's new rates soar above Masthaven's current market leading three-year bond, which pays 1.67pc, and Vanquis Saving Bank's four-year account, which offers 1.8pc. The jump in rates follows a flurry of recent competition in the fixed-rate bond market over the past few months for the first time in more than a year.
There is some hope that the competition we are seeing from smaller providers could suggest that the current tide could well be changing for savers, who have faced rock-bottom interest rates for years, said Andrew Hagger, founder of Moneycomms, although he said "rocketing rates" are unlikely. If you would like some help making your savings work for you Enable’s IFA’s in Bishop’s Stortford are able to help you look at all your options.
Issued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
http://www.telegraph.co.uk/personal-banking/savings/four-year-savings-bond-pays-195pc-first-time-six-months/
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