Bank increases interest on savings account to ‘excellent’ 5.97%

JN Bank has increased the interest rate on its three-year fixed savings account, earning an “excellent” rating from Moneyfacts.

Savers must have at least £1,000 to invest and interest is calculated daily and applied to the account annually.

Commenting on the deal, Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, said: “JN Bank has increased the rates on a selection of its accounts this week, including its three-year fixed term savings account.

“Paying a rate of 5.97 percent gross, this scoops the lead position in the top 10 in its respective sector, so those who are comfortable with locking away their investments for a guaranteed return on their savings may well find this an attractive option.

“Savers may be glad to hear up to 11 additional deposits can be made after initial funding for 14 days from account opening. On assessment, the account earns an Excellent Moneyfacts product rating.”

READ MORE: Savings alert as little-known scheme can boost nest egg by £1,200

An account can be opened and managed by phone or online by people aged 18 or over. Up to £500,000 can be invested overall and withdrawals are not permitted until the term ends.

While JN Bank is offering a more appealing deal for three-year fixes, competition isn’t too far behind.

Cynergy Bank’s Fixed Rate Bond offers an Annual Equivalent Rate (AER) of 5.95 percent. The account can also be opened online with a minimum deposit of £1,000 and interest is paid annually.

Savers must be aged 18 or over and up to £1million can be invested overall. Withdrawals are, however, not permitted so people should be comfortable depositing their money without dipping in.

Don’t miss…
A quarter of Brits don’t see the point in saving if they have just a few pounds[ANALYSIS]
Martin Lewis clarifies ‘likely’ savings rescue attempt as Metro’s shares plunge[EXPLAINED]
NS&I axes highest-ever interest rate that paid out 6.2% in Premium Bonds blow[INSIGHT]

RCI Bank UK falls just behind with an AER of 5.85 percent on a minimum deposit of £1,000.

The account can be opened online and managed through the banking app by savers aged18 or over. Up to £1million can be invested overall and withdrawals are not permitted until the term ends.

The Buckinghamshire Building Society’s Fixed Rate Bond (Issue 185) is also offering an AER of 5.85 percent. The minimum deposit requirement is £1,000 and interest can be paid monthly or annually.

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Up to £500,000 can be invested overall and similar to the other accounts, withdrawals are not allowed until the term ends on August 31, 2026.

United Trust Bank is also offering an AER of 5.85 percent on its three-year fix and a slightly higher deposit of £5,000 is required to open it.

Interest is paid annually and up to £1million can be invested overall. Savers need to be 18 years old or over and withdrawals are not allowed. However, interest may be withdrawn annually.

Source: Read Full Article