Savings Alert: Provider Launches ‘Market Leader’ Account Offering 3.10% Returns | Personal finance | Finance
Raisin UK, a UK savings marketplace that connects savers with a range of banks offering deposit-protected savings accounts with competitive interest rates, has launched a new two-year savings account. It has partnered with Gatehouse Bank to offer a two-year fixed term deposit account that offers a market-leading rate.
Brits looking to get the best interest rates on their savings might be interested in this new savings account offering an interest rate of 3.10%.
This will be especially beneficial for people who are able to lock in their money for two years without having to make a withdrawal.
The estimated balance at the end of the term based on a deposit of £1,000 is £1,062.96.
The minimum amount people can deposit is £1,000 and the maximum amount they can deposit is £85,000.
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This is a two-year fixed term Woodland Saver account which is operated according to Shariah principles.
This means that interest cannot be earned, but earns profit instead.
After two years, people can choose to reinvest or withdraw their funds at maturity.
If the bank does not receive maturity instructions by the due date, they will transfer their money to an Easy Access account.
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Commenting on the deal, Eleanor Williams, finance expert at Moneyfacts.co.uk, said: “This week Gatehouse Bank made rate increases on its Raisin UK fixed term deposits.
“One of the accounts to see a notable increase of 0.45% is the two-year fixed term deposit, which now offers a market-leading yield of 3.10% compared to other similar bonds. currently on the market.
“As is often the case with fixed accounts, investors should be comfortable with their initial deposit and fixed term length, as neither early access nor other additions are permitted, but savers happy to secure their funds might be tempted to return it alone.
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One-year term accounts won’t be the best option for everyone, as some people will need an easy-to-access account to withdraw money when they need it.
Profit is calculated daily and paid annually to someone’s Raisin UK account.
To open this fixed-term savings account, Britons must apply online through Raisin.
Savings accounts at Raisin are only available through their online application process.
To be eligible to apply, individuals must:
- Be a UK resident aged 18 or over
- Hold a UK bank or building society account from which you will fund your application
- Have a valid mobile phone number and email address
- Have a UK National Insurance Number
Britons can manage their savings account through Raisin by logging into their Raisin UK account.