Bank offers some of the ‘highest rates’ on the market across several saving accounts
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Interest rates are increasing for savers as the Bank of England (BoE) continues to increase its base rate which is currently sat at 1.75 percent. UBL UK, which is a UK bank that offers personal savings, Islamic banking and wholesale banking services to UK and Pakistani individuals and businesses, is currently offering savers using its one-year ISA at a rate of 2.51 percent. The Money Saving Expert website highlighted this account as paying the “top rate” for one year ISAs currently on the market.
For a longer fix, UBL UK also pays the highest rate for three-year ISAs at 2.92 percent.
The bank has three other ISAs which have term lengths of two, four, and five years.
These ISA accounts pay a rate of 2.87 percent, 2.36 percent, and 3.10 percent respectively.
The Money Saving Expert website also placed UBL UK’s two year fixed ISA in its “top three” for two-year fixed ISAs.
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UBL UK bank stated that these rates are fixed and will not change for savers.
In order to open an account, savers will need to make an initial deposit of £2,000.
The interest rate for the one-year ISA will be paid into a nominated account chosen by the saver on the maturity of the deposit.
The nominated account must be in the same name as the ISA.
With the other ISAs, people can choose to have their interest paid monthly, quarterly, annually, or for all deposits on the maturity of the deposit.
The quarterly option is not available for some accounts.
UBL UK bank state that savers can save from £50.20 to £180.37, to £329.83 across the five ISA accounts.
The bank stated that savers are able to transfer funds from other ISAs into the account.
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The fastest way to apply for UBL UK Fixed Rate Cash ISA is by applying online on their website or through their mobile banking bank.
However, Britons are able to open an account over the phone, in a branch, or by post.
Applications by post however will take up to 15 working days to process.
The bank states that savers will be unable to make full withdrawals from the account until their full term is completed.
They do not allow partial withdrawals from the account.
UBL UK state that savers will face an early withdrawal charge if they need to withdraw the deposit before the end of the term.
The penalty differs for each of the accounts but for the one year ISA the penalty is 90 days gross interest.
The penalty increases for the longer termed accounts with 180 days for the two year ISA, 270 days for three, and 365 days for both the four year and five year ISA.
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