The UK’s newest bank, Charter Savings Bank has unveiled a portfolio of savings accounts designed to meet the needs of UK savers. The accounts, available from today (2nd March 2015) will focus on meeting the needs of those saving for both the short and long term, and those seeking a regular income from their savings.
Charter Savings Bank offers three core savings account types: Easy Access, Notice and Fixed Rate Bonds, for deposits from £1,000 to £250,000. Each account boasts attractive rates and straightforward features:
- Easy Access variable rate of 1.25% AER*
- Ability to pay in and withdraw funds at any time with no notice and no penalties
- 95 Day Notice variable rate of 1.75% AER*
- Access to funds after providing 95 days’ notice, with no early withdrawals and no interest penalties
- A full range of Fixed Rate Bonds (1,2,3,4 and 5 years) ranging from 1.80% AER*up to 2.50% AER*, allowing customers to lock away their funds whilst knowing what interest they will receive.
All accounts are available with monthly or annual interest payments, giving savers the option to draw a regular income from their savings.
The bank announced approval of its banking licence by the Prudential Regulation Authority (PRA) in January 2015 and represents an alternative to traditional banks, providing accounts that offer a straightforward and transparent savings solution for a customer base which is currently struggling to achieve its financial goals. The online bank, which removes the cost associated with a physical presence on the high street, is a UK bank for UK savers with a dedicated UK telephone customer support team that operates seven days a week.
Charter Savings Bank is covered by the Financial Services Compensation Scheme (FSCS), the UK's deposit protection scheme, which protects customers’ eligible deposits up to a total of £85,000.
Ian Lonergan Chief Executive Officer of Charter Savings Bank commented: “When we launched Charter Savings Bank our vision was simple: to create straightforward savings accounts with competitive rates, backed by reliable service, to help savers meet their financial goals. We know a significant number of savers are struggling to achieve good returns on their savings in today’s economic climate, but we are confident that our accounts will provide a better deal for customers.”
Paul Whitlock Director of Savings Charter Savings Bank: “We’re proud of our core products which aim to provide a portfolio of saving accounts with something for everyone, whether they need access to their funds straightaway or if they want to put them away for a longer term. Increased choice from banks will benefit consumers, not just in price, but also in the service they receive.”
Customers can also stay up to date with product information by following the bank on Twitter @Charter_SB and on Google+.