Bag yourself a better savings rate (if you have £5k): Charter Savings Bank launches six new accounts, including a best buy cash Isa
- Charter’s offers include 12 and 18 month fixed-term accounts paying good rates
- Both of those deposits can be managed through the post
- It has also launched three Isas, including a one-year fix paying a top rate 1.62%
Charter Savings Bank has launched six new savings accounts, including a best buy one year fixed-rate cash Isa and a number of other accounts that feature in the top our independent best buy tables.
All of the accounts, including its market leading easy-access cash Isa paying 1.44 per cent, must be opened with a minimum deposit of £5,000.
In good news for postal savers or those who don’t want to bank over the internet, the bank’s one year and 18 month fixed-rate savings accounts can be applied for and managed through the post.
Charter Savings Bank has unveiled six new offers, including two best buy accounts in the tax-free savings market. But all of its accounts require a minimum deposit of £5,000
The one year tie-up pays savers 1.91 per cent, which lands it at fifth in This is Money’s best buy tables, and its 18 month option pays 1.98 per cent, second behind Al Rayan Bank which pays 2.22 per cent.
However, that account cannot be opened through the post.
The bank, which launched savings accounts in 2015, is one of a new breed of challenger savings banks that offer rates much higher than the traditional big banks.
It is worth noting that the launch of these two fixed-rate accounts come in the same week that United Trust Bank, which can also be opened with a minimum deposit of £5,000, bumped its one year tie-up offer to 1.97 per cent and Al Rayan Bank pushed its offer up by 0.02 points to 2.07 per cent.
Charter Savings Bank also launched a 95-day notice account paying 1.81 per cent.
It does not come with a bonus rate, and means that in order to benefit from a tax wrapper on your savings you only need to forfeit 0.06 per cent worth of interest compared to the best regular easy access account.
Charter’s one year fixed-rate cash Isa pays 1.62 per cent, enough to make it the best rate in our tables ahead of Al Rayan Bank, while its two year paying 1.78 per cent sees it lag just 0.02 points beyond the Sharia provider.
However, Al Rayan’s accounts have lower minimum opening requirements.
All these accounts are covered by the Financial Services Compensation Scheme of up to £85,000.
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