You are here: Home - Saving & Banking - News -

New bank challenges UK’s largest lenders

0
Written by:
03/03/2015
Charter Savings Bank, the UK’s youngest bank, has unveiled a number of new products.

The bank was launched in January this year by mortgage provider Charter Court Financial Services (CCFS).

Among the raft of products is an ‘easy-access’ savings account offering a 1.25 per cent interest rate, a 95-day ‘advance notice’ account offering 1.75 per cent to savers, and a one-year savings account with a 1.8 per cent rate. From then on, depending on how long savers lock in funds, the rates of interest get higher. For instance, customers with five-year savings accounts can access interest of up to 3.03 per cent.

Each of these accounts can be opened with an initial deposit of £1,000, and interest payments can be made monthly or annually. Furthermore, all customer funds are covered by the Financial Services Compensation Scheme (meaning up to £85,000 is protected).

The Prudential Regulation Authority (PRA) approved the new bank’s licence in January this year, making it the third new bank to be created by the PRA since the Authority’s creation two years ago (the first two being Paragon and Hampden & Co.).

While the bank is an exclusively online proposition – a model the bank adopted to reduce costs associated with a high street presence – it operates a UK-based, 24/7 telephone helpdesk.

“When we launched Charter Savings Bank our vision was simple – to create straightforward savings accounts with competitive rates, backed by reliable service, to help savers meet their financial goals,” said Ian Lonergan, chief executive officer of Charter Savings Bank,

“We know a significant number of savers are struggling to achieve good returns on their savings in today’s economic climate, but we are confident that our accounts will provide a better deal for customers.”

 

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Passport to hell; ‘copycat’ website sues customers

The operator of a website that purports to assist consumers with passport applications has been accused of using intimidation and...

Close