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Challenger bank ups bond rates to storm best buy tables

Written by: Paloma Kubiak
Charter Savings Bank has raised the rates on its one year and 18-month bonds, trumping the previous best buys.

The challenger has increased the rate of its 1 year bond to 1.55% AER, up from the previous 1.46%.

And on its 18 month fixed rate bond, savers can earn 1.58% AER, having risen from 1.52%.

The move means both the one year and 18-month bonds step into pole position for their category in the best buy tables, trumping Ikano Bank’s 1.50% one year bond and BLME’s 1.55% expected rate of profit on its 18 month bond.

It said the rate rises mean the bonds now offer as much as 0.19% more than they did at the start of the month. However, the higher rates are just for new customers. Savers need to have a minimum £1,000 and can deposit a maximum of £250,000.

Paul Whitlock, director of savings at Charter Savings Bank, said: “Recent announcements may lead to some saver uncertainty over the coming weeks and months. We want to reassure our customers, and anyone looking for savings products, that Charter Savings Bank will continue to offer simple and straightforward products at competitive rates”.

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