Bank offers 3.31% interest on savings up to £400,000 – rated ‘excellent’ by money experts
Martin Lewis advises on savings accounts and premium bonds
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
It’s one of the best savings accounts currently available and offers an interest rate of 3.31 percent on savings. This account has been rated “excellent” by Moneyfacts who say it now enjoys a more prominent position against its competitors.
High street providers are falling further away from the competitive rates offered by smaller, more specialist banks.
Most savers are receiving far less return than they should be – something that has been highlighted by money saving expert founder Martin Lewis.
Savers looking for a good return on their savings may be interested in the Two Year Fixed Term Deposit account from Monument.
It has increased the interest rate to 3.31 percent – improving its appeal as one of the best savings accounts currently on the market.
Commenting on this deal, Ms Springall said: “This week Cynergy Bank has increased rates on selected fixed bonds, which includes the one-year fixed option that now pays 2.96 percent.
“Now paying 3.31 percent, the deal secures a more prominent position in its sector and could entice savers looking for a guaranteed return on their cash.”
However, it won’t appeal to everyone as anyone who is interested in opening one of these accounts will need to have at least £25,000 to spare.
Ms Springall added: “Savers must be able to invest at least £25,000 on outset and be comfortable with the fixed term, as early access is not permitted.
Fury as most pensioners will not get next year’s £1,000 state pension [WARNING]
Man shares ‘amazing way’ he makes up to £4,000 extra each month [INSIGHT]
Pensioner’s old fashioned money saving tip could save £1000 [ALERT]
Three ways people can ensure their children pay less inheritance tax [INSIGHT]
She continued: “On assessment, this account earns an Excellent Moneyfacts product rating.”
Customers won’t be able to access their money before the two year term ends and the maximum amount they can earn this interest on is set at £400,000.
Savers who prefer to be able to access their savings after one year might prefer Cynergy Bank’s One Year Fixed Rate Bond.
This offers a slightly lower interest rate of 2.96 percent but also gets an excellent Moneyfacts rating.
Commenting on this deal Ms Springall said: “This week Cynergy Bank has increased rates on selected fixed bonds, which includes the one-year fixed option that now pays 2.96 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.
“Overall, the deal earns an Excellent Moneyfacts product rating.”
The Monument Two Year Fixed Term Deposit offers:
- Rate: 3.31 percent gross
- Notice/term: Two years
- Minimum opening amount: £25,000
- Maximum investment amount: £400,000
- Access: Not permitted
- Further additions: Permitted for 14 days from account opening
- Opening account: Via its mobile app
- Managing account: Via its mobile app
- Other information: Minimum applicant age 18.
Source: Read Full Article