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Raisin UK, a UK savings marketplace that connects savers with a range of banks offering deposit-protected savings accounts with competitive interest rates, has launched a new two-year savings account. It has partnered with Gatehouse Bank to offer a two year Fixed Term Deposit account which is offering a market leading rate.<\/p>\n<\/div>\n
Britons wanting to get the best interest rates on their savings might be interested in this new savings account giving 3.10 percent interest.<\/p>\n
This will be most beneficial for people who are able to lock their money away for two years without having to make any withdrawals.<\/p>\n
The estimated balance at the end of the term based on a \u00a31,000 deposit is \u00a31,062.96.<\/p>\n
The minimum amount people can deposit is \u00a31000, and the maximum amount they can deposit is \u00a385,000.<\/p>\n
READ MORE:\u00a0Dragons’ Den reject labelled ‘ill prepared’ – Product went on to make \u00a396million<\/a><\/strong><\/p>\n<\/div>\n This is a Two Year Fixed Term Woodland Saver account which is operated under Shariah principles.<\/p>\n This means that interest cannot be earned, however they generate profit instead.<\/p>\n After two years people can choose to reinvest or withdraw their funds on maturity.<\/p>\n If the bank do not receive maturity instructions by the maturity date, they will transfer one\u2019s money into an Easy Access account.<\/p>\n<\/div>\n DON’T MISS<\/strong><\/p>\n<\/div>\n Commenting on the deal, Eleanor Williams, Finance Expert at\u00a0Moneyfacts.co.uk<\/a>, said: “This week Gatehouse Bank has made rate increases across its Raisin UK \u2013 Fixed Term Deposits.<\/p>\n \u201cOne of the accounts to experience a noteworthy rise of 0.45 percent is the two Year Fixed Term Deposit, which now pays a market-leading return of 3.10 percent when compared to other similar bonds currently on the market.<\/p>\n \u201cAs is often the case with fixed accounts, investors need to be comfortable with their initial deposit and the duration of the fixed term, as neither early access nor further additions are permitted, but savers happy to secure their funds away could be tempted by the return alone.<\/p>\n