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Competition In Short Term Bond Chart Increases
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Topping the notice account chart this week was ICICI Bank UK with its Raisin UK – 95 Day Notice Account and its Notice Savings Account both paying 0.85% gross monthly. Savers should be aware that the rate on the Raisin UK account will be reduced on the 8 March 2021 to 0.55% and the rate on the Notice Savings Account will be reduced on the 15 March 2021 to 0.55%. The Raisin UK – 95 Day Notice Account requires a £1,000 minimum deposit to open and comes with the incentive of Raisin UK offering a bonus or Amazon gift card of up to £15 when a first savings account is opened via its website (terms and conditions apply). This account does not allow further additions. Withdrawal of the full account balance only is permitted subject to 95 days’ notice and account closure. It must be opened online but can then be managed online, by post and by phone. ICICI Bank UK’s Notice Savings Account requires a £1 minimum deposit to open, as well as a Home Vantage Current Account. It allows
A rate reduction saw PCF Bank top the fixed rate bond chart this week, with its 7 Year Term Deposit Issue 15 paying 1.45% gross on anniversary. This account requires a £1,000 minimum deposit to open. It must be opened online but can then be managed online and by phone.
Topping five and three year fixed rate bond charts this week was Gatehouse Bank. It pays an expected profit rate of 1.40% gross on anniversary on the five-year version of its Fixed Term Green Saver, while the three-year version pays an expected profit rate of 1.10% gross on anniversary. Both options require a minimum deposit of £1,000 to open. These accounts have the incentive of Gatehouse Bank planting a tree in a UK woodland project certified by the UK Government’s Woodland Carbon Code when an account is opened and funded. They must be opened and managed online.
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Fixed rate bonds have often been popular with savers as they not only offer a fixed rate for the duration of their term, but also usually offer the best savings rates overall.
Indeed, today the top saving rate is available on a five year fixed rate bond, but with saving rates across the charts at record lows, many savers are reluctant to lock into a long-term bond due to future uncertainty and concerns that a rise in inflation will erode their savings.
This concern is not unfounded, as the top rate being offered in the fixed bond chart is below the Bank of England’s target inflation rate of 2%. Gatehouse Bank currently pays an expected profit rate of 1.50% AER on its five-year account, which if a saver locked into and the Bank of England meets its target rate of inflation, would result in the saver’s deposit being eroded by inflation.
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