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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
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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
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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
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One year fixed term accounts won\u2019t be the best option for everyone as some people will need an easy access account to withdraw money when they need it.<\/p>\n
Profit is calculated daily and paid annually back to someone\u2019s Raisin UK account.<\/p>\n
To open this fixed term savings account, Britons must apply online through Raisin.<\/p>\n
Savings accounts at Raisin are only available through their online application process.<\/p>\n
To be eligible to apply, people must:<\/p>\n
Britons can manage their savings account through Raisin by logging into their Raisin UK Account.<\/p>\n<\/div>\n[ad_2]\n
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