United Trust Bank raises interest rate to 5.7 percent

United Trust Bank raises interest rate to 5.7 percent

United Trust Bank has raised the interest rate on its fixed cash ISA to 5.7 percent, earning an 'excellent' rating from Moneyfacts. Savers must have at least 5,000 pounds to invest and, based on this minimum, with no further deposits, the account could amass £285 worth of interest in one year. Nowpaying 5.7 percent, the deal takes a prominent position in its sector and may well entice savers looking to take advantage of their ISA allowance, said Rachel Springall, a finance expert at Moneyfactscompare.co.uk.

Savers must be 18 or over and a UK resident to apply for the account, which can be done online. Credit interest is calculated daily and paid annually, and earlier access will be subject to 180 days' loss of interest. Founded in 1955, United Trust Bank is a bank that offers a variety of savings accounts for individuals, businesses and charitable organizations. The bank is a member of the Financial Services Compensation Scheme, which safeguards up to € 85,000 worth of eligible depositors'savings.

While the sale is now much more appealing, it isn't quite topping the list of one-year cash ISA fixes. Virgin Money is currently the top spot with an AER of 5.85 percent, and there is no minimum investment amount to start, according to Moneyfacts' Best Buys list. Savers can open Virgin Money's One Year Fixed Rate Cash ISA Exclusive online or in-store, and they must be UK residents aged 16 or over. Virgin Money must also have a current account with the company, which opened on or after December 4, 2019, on or after December 4, 2019. Savers also qualify if they originally opened their current account with Clydesdale Bank, Yorkshire Bank, or B such as a signature current account.

Interest is calculated daily and applied at maturity, which falls on September 30, 2024. While withdrawals are allowed, money can't be put back in. Any withdrawals made within the fixed rate period are liable to a charge equivalent to 60 days' loss of interest on the amount withdrawn. Shawbrook Banc's One Year Fixed Rate Cash ISA Bond sits just behind, with an AER of 5.83 percent. The account can be opened with a minimum deposit of around 1,000 pounds and interest is paid on the anniversary. Savers must be 18 and over and earlier access will be subject to a 90-day loss of interest.