As such, Britons are being reminded to shop for deals on savings interest rates as soon as possible as they could be gone in the coming months.
Bank and building society customers have benefited from the Bank of England’s decision to raise the base rate in its battle against inflation.
In recent months, the central bank has opted to pause its series of rate hikes which has led many to believe rates could come down as a result.
This appears to be happening with Charter Savings Bank’s Cash ISA but this did not stop it from being awarded an “excellent” rating from Moneyfactscompare.
Currently, the account has an interest rate of 5.26 percent gross / 5.26 percent AER payable on the anniversary of its opening.
There is a monthly interest option of 5.14 percent gross and a notice period of one year with a minimum opening amount of £5,000.
The maximum investment amount is the ISA allowance and there is early access on 90-day loss of interest penalty.
Accounts can be opened and managed online and the minimum applicant age for the product is 18.
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, noted that the account is offering less than before but is still “competitive” in the context of the wider market.
She explained: “Charter Savings Bank has made a slight reduction to the rate on its One Year Fixed Rate Cash ISA this week, which now pays 5.26 percent.
“The deal still sits in a competitive position within its sector and may well attract savers who are prepared to lock away their cash for a guaranteed return over the next 12 months.
“Savers need £5,000 to invest but they can also make transfers in from cash ISAs or stocks and shares ISAs. Overall, the deal earns an Excellent Moneyfacts product rating.”
