SmartSave is offering a two-year “market-leading” fixed-rate savings account with an interest rate of 5.06 percent AER.
SmartSave, part of the UK digital bank Chetwood Financial Limited, has more than £3.7billion in direct deposits, and its accounts are fully FSCS protected, with a minimum deposit of £10,000 and a maximum of £85,000.
Newly launched last week, Smartsave says the two-year bond will be available for a “limited time only”.
Commenting on the new product, Andy Mielczarek, CEO and founder of SmartSave said: “We’re constantly evaluating how we can best serve UK consumers, not just with highly competitive rates, but also bringing different products to market.
“Expectations of a Base-Rate cut have risen throughout the year as inflation has dropped, and we know there is an appetite among savers for longer-term fixed-rate products – so, we’re delighted to reveal our new two-year bond, which has a market-leading rate.
“This product launch comes at an exciting time for Chetwood Financial. The CMI acquisition and upcoming launch of ModaMortgages are also fuelling growth for the business, helping us deliver exceptional products and an exceptional service to brokers and landlords, helping them navigate the Buy To Let market with confidence.
“Looking ahead, we will continue to pursue opportunities to expand, innovate and deliver the best possible products and services to our customers.”
While Smartsave may be offering the table-topping rate, competition doesn’t fall far behind. Vanquis Bank joins SmartSave with a leading Annual Equivalent Rate (AER) 5.06 percent on its two-year account.
Savers need a smaller minimum deposit of £1,000 to launch the account and up to £250,000 can be invested overall. Interest is paid on the anniversary and withdrawals are not permitted until the account matures.
RCI Bank UK’s Two Year Fixed Term Savings Account places just behind with an AER of five percent. The account can be launched with a minimum deposit of £1,000 and up to £1million can be invested overall.
Interest is paid on the anniversary and withdrawals are not permitted until the account matures.
Atom Bank is also offering an AER of five percent on its two-year fix. Savers need a minimum deposit of £50 and up to £100,000 can be invested overall. Interest is paid on the anniversary and withdrawals are not permitted until the term ends.
