Charter Savings Bank launches new account with ‘excellent’ 4.7% interest rate | Personal Finance | Finance

Charter Savings Bank has launched a new 95-day notice account with 4.7% interest, earning an “excellent” Moneyfacts rating. Notice accounts act as a middle ground between easy access and fixed rate savings accounts. These accounts allow people to withdraw money whenever they need to, but they must give the bank an agreed-upon amount of notice or face penalties.

Savers can launch Charter Savings Bank’s account with a minimum deposit of £5,000, and up to £1million can be invested overall. Commenting on the deal, Caitlyn Eastell, spokesperson at Moneyfactscompare.co.uk, said: “Charter Savings Bank has launched a new 95-day Notice account, paying 4.70% AER on its anniversary. The account takes a competitive position in the market when compared against its peers and may appeal to savers who don’t mind giving prior notice to access their pots.”

For savers looking for an income boost, Ms Eastell noted that a monthly interest option is available.

She added: “Savers who can afford to not have complete flexibility on withdrawals may find this an exciting offer.

“Adding to its appeal, savers can also make further additions at any time via a nominated account. Overall, this deal earns an Excellent Moneyfacts product rating.

While Charter Savings Bank may be offering a competitive deal, it isn’t currently topping the table in the notice-account sector. OakNorth Bank’s Prosper account offers an Annual Equivalent Rate (AER) of 5% to savers with larger deposits to invest.

The rate includes a 0.39% bonus for 12 months, and interest is paid daily. To launch the account, a minimum investment of £20,000 is required, and up to £250,000 can be invested overall.

For savers with smaller deposits to invest, OakNorth Bank’s 95 Day Notice Base Rate Tracker offers an AER of 4.81% on a minimum deposit of £1. Up to £500,000 can be invested, and interest can be paid monthly.

Oxbury Bank falls just behind with an AER of 4.8% on its 90 Day Notice account. Savers can launch with a minimum deposit of £1,000, and up to £500,000 can be invested. Interest can also be paid monthly with this account.

All accounts are protected by the Financial Services Compensation Scheme.