Oxbury Bank launches new savings account with | U.Ok.Finance News
Oxbury Bank earned an “excellent” ranking with the launch of a new fixed savings account paying 4.4% curiosity. The rate of interest is fixed for 2 years, and savers can open an account with a minimal deposit of £1,000.Fixed-rate accounts allow savers to lock their money away for a set period of time at a fixed rate of interest, including some certainty to saving whereas charges fall. They work best for individuals who can afford to depart their money untouched for a particular time period, as withdrawals are usually not allowed. Commenting on Oxbury Bank’s new deal, Caitlyn Eastell, spokesperson at Moneyfactscompare.co.uk, mentioned: “This week, Oxbury Bank has launched a new range of Personal Bond Accounts.“The two-year option takes a competitive position in the market when compared against its peers, paying 4.40% on its anniversary. Savers with at least £1,000 to deposit may find this an enticing deal as they can receive guaranteed returns for the next two years.”However, like with most fixed-rate savings accounts, Ms Eastell famous: “Savers should be aware that earlier access is not permitted, but further additions are for 14 days via a nominated account.”She added: “Overall, the deal earns an Excellent Moneyfacts product rating.”Savers have to be aged 18 and over to open the account, and up to £500,000 could be invested total.What else is on the market?While Oxbury Bank could also be offering a aggressive deal, it isn’t fairly topping the desk within the two-year fixed price savings sector.GB Bank locations simply forward with an Annual Equivalent Rate (AER) of 4.43%. Savers can launch the account with a minimal deposit of £1,000, and up to £100,000 could be invested total. Interest is paid on the anniversary, and withdrawals are usually not permitted till the account matures.Birmingham Bank falls simply behind with an AER of 4.42%. To launch this account, savers should deposit a bigger quantity of £5,000, and curiosity is paid on the anniversary. Up to £250,000 could be invested total, and withdrawals are usually not allowed.Cyrnergy Bank joins Oxbury with an AER of 4.4%. Savers can launch the account with a minimal deposit of £1,000, and up to £1million could be invested total. Interest is paid on the anniversary, and withdrawals are usually not allowed.
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