The most recent bank to be launched in Britain, the Charter Savings Bank, have introduced a number of competitive deals today. Perhaps the most notable is the easy-access account which gives holders a 1.25% rate and is representative of the banks pledge to give their customers ìstraightforward savings accounts with competitive rates.î The account is therefore on a similar level to those offered by their longer standing rivals such as the Skipton Building Society and the Post Office.
The bank itself is backed by the Charter Court Financial Services firm that specialises in mortgage portfolios. The saving accounts offered by this new bank are available by telephone as well as online. For consumers searching for a higher percentage rate than the easy-access account, Charter also offers a 95 day notice account at 1.75%. However, anyone with this account will have to cope with more constraints on accessing their money.
As well as these offers, there are a number of fixed-rates deals and all are obtainable through either monthly or annual interest expenditures. The one-year fixed rate deal at 1.8% is among the best out there, with only Al Rayan bank offering a better rate. The two-year rate is at 1.9%, whilst the four and five year deals are available at 2.1% and 2.5% respectively.
For the three different types of savings accounts available the deposit starts at £1,000 and goes up to £250,000. The launch comes after the Prudential Regulation Authority sanctioned Charterís banking licence last month.
The chief executive officer of Charter Savings Bank, Ian Lonergan, commented: ìWhen 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.î
He went on to say: ìWe know a significant number of savers are struggling to achieve good returns on their savings in todayís economic climate, but we are confident that our accounts will provide a better deal for customers.î