The bank has announced a ‘significant rate increase’ on savings accounts, calling them a ‘attractive option.’
Many people are looking for bank accounts that pay market-leading interest rates, or rates at the top of the tables, at the present.
The Bank of England’s base rate is still at a record low of 0.1 percent, and latest Consumer Price Index (CPI) numbers reveal a spike in inflation in the United Kingdom. As a result, many savers are currently focused on finding the best interest rates available.
Thankfully, there are multiple websites that track the various interest rates available on the savings market.
Moneyfacts.co.uk is one of these money comparison websites, and the Moneyfacts.co.uk Pick of the Week has once again recognized the best of the latest consumer financing items or rate changes this week.
Eleanor Williams, a finance expert at Moneyfacts.co.uk, has examined a number of offers and highlighted some of their benefits.
This week’s savings Pick of the Week is Oxbury Bank’s Personal Two-Year Bond Account – Issue Three.
“Oxbury Bank has implemented a hefty rate boost on its two-year Personal Bond account, among other modifications to its range of Personal savings accounts,” Ms Williams added.
“After increasing by 0.45 percent this week, this account now pays 1.15 percent on anniversary, putting it towards the top of our tables and making it an appealing option for savers who are willing to put their money away for the two-year period in exchange for a respectable return.
“While early entry is not permitted in the fixed bond market, further additions can be made within 14 days after creating the account, which may be of interest to some.
“Overall, Moneyfacts gives this account an Excellent product rating.”
A minimum deposit of £1,000 is required to open this account.
The maximum amount that can be invested is £500,000.
As Ms Williams explained, it is feasible to make additional deposits into this fixed rate account within 14 days of its inception, using a nominated account.
The account can be opened and managed online as well as through the bank’s mobile app.
The Oxbury App is necessary to utilize internet banking, according to Moneyfacts.
This account requires that you be at least 18 years old to apply.
It’s vital to keep in mind that an initial investment is required. “Brinkwire News in Condensed Form.”