Tandem Bank increases interest on savings account | U.Ok.Finance News
Tandem Bank has raised the interest on its fixed savings account to 4.55%, incomes an “excellent” Moneyfacts ranking. Savers can launch the account with simply £1, and interest is paid on the anniversary.Based on its present fee, a £1,000 deposit with this account is estimated to earn £45.50, whereas a £10,000 deposit would earn £455 over the course of the 12 months. Fixed-rate accounts add a layer of certainty to saving, as they allow people to lock in an interest fee for a set size of time. However, they sometimes include extra restrictions, akin to a restrict on withdrawals, making them a higher option for those that can commit their savings for a fixed period and do not need quick entry to their funds.Commenting on the deal, Rachel Springall, finance knowledgeable at Moneyfactscompare.co.uk, stated: “This week, Tandem Bank has increased the rate on its One Year Fixed Saver, which improves its position in the market. Now paying 4.55%, the deal may be an attractive choice for savers looking to lock their money away for a guaranteed return.“Those who invest from as little as £1 can make further additions for 14 days from account opening, but, as is typical of fixed accounts, savers will not be permitted to access their funds early.”She added: “Overall, the deal earns an Excellent Moneyfacts product rating.”What else is on the market?While Tandem Bank could also be offering a more aggressive fee, it isn’t at present topping the market within the one-year fixed savings sector. At the time of writing, Castle Community Bank takes the highest place with an Annual Equivalent Rate (AER) of 4.65%.Savers can launch the account with a minimal deposit of £1,000, and up to £85,000 may be invested. Interest is paid on maturity, and withdrawals will not be permitted.LHV Bank shares the highest spot with an AER of 4.65%. A minimal deposit of £1,000 can also be required, and up to £1million may be invested total. Interest is paid on maturity, and withdrawals will not be permitted.For savers with bigger deposits to invest, Close Brothers Savings provides an AER of 4.61% on a minimal of £10,000. Up to £2million may be invested total, and interest is paid yearly.
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