Savings rates on average are low at the moment as the Bank of England keeps the base rate at 0.1 percent. As a result, savers are left with few options for where decent returns can be found but today, Secure Trust Bank has launched a raft of new personal savings products.
As such, savers are recommended to “act promptly” if they want to secure the rates on offer.
Richard Balfour, the Head of Savings Products at Secure Trust Bank, commented on the product launch.
Mr Balfour said: “The launch of these five competitive new products strengthens our savings offering further and offers excellent choices for discerning customers looking to make the most of their savings.
“Our cash ISAs offer a tax efficient option combined with some of the best rates available on the market while our new notice accounts and fixed rate bond also offer market leading rates providing an ideal option for savers looking for a longer term home for their cash.”
Secure Trust Bank appears to be a trustworthy place for savers to invest their cash as the company made Moneyfacts latest “Pick of the Week”, which was also released today.
The bank’s 1 Year Fixed Rate Cash ISA received strong reviews from Eleanor Williams, a Finance Expert at Moneyfacts.co.uk.
Discussing the account, Ms Williams said: “This week Secure Trust Bank has made a number of changes to products in its range, including increasing the rate on its 1 Year Fixed Rate Cash ISA.
“Investors who are yet to utilise their tax-free savings allowance may be interested to see that this ISA has seen a rise of 0.06 percent and now pays a market-leading 0.71 percent yearly.
“Early access and transfers out are permitted, subject to a 90-day loss of interest penalty, and further additions are possible within 30 days of account opening which, with careful planning, may be of interest to some.
“Overall, this account receives an Excellent Moneyfacts product rating and assumes the lead position in our top rate tables.”
On top of Secure Trust Bank, Moneyfacts also highlighted the following worthwhile options for savers:
- FCMB Bank (UK) – Raisin UK – 18 Month Fixed Term Deposit – 1.05 percent AER
- Close Brothers Savings – 95 Day Notice Account (Issue 10) – 0.72 percent AER