The Union Bank of India (UK) Ltd’s is offering savers the chance to secure 6.11 percent on their one-year fixed account.
The GBP Fixed Rate Deposit account offers a competitive rate on the market, exceeding the current base rate level.
As the Bank of England base rate remains at 5.25 percent, many banks have tried to match or increase the interest rates they are offering in order to entice savers to join.
Union Bank of India is offering competitive rates across their fixed rate range for savers who are willing to lock their money away for a longer period.
Once the account has been opened, the interest rate will remain static for the fixed term.
If someone deposited £1,000 into the account over one year, their total balance at the end of the 12-month term would be £1,061.10.
Savers can get £61 interest with the minimum deposit.
The Fixed Rate Deposit account can be opened in branch or by post.
The minimum amount of deposit is £1,000.00 and the maximum amount of deposit is £1million.
No withdrawals can be made during the fixed term so savers have to ensure they won’t need the money for 12 months.
The bank also offers a Premier Bond paying 6.11 percent, but the minimum opening amount is £5,000 while this upper limit is £340,000.
If people need a smaller minimum deposit, Ford Money offers a one-year fixed account with a minimum £500 deposit.
The account offers savers 5.95 percent and is one of the top runners in the table, according to moneysavingexpert.com.
The maximum deposit is £2million.
