5-year fixed term deposit, 4.59% with yearly access

atypical

Haven't seen this account offered by State Bank of India (FSCS protected) mentioned anywhere. They've offered a similar account before.

It's a step-up fixed deposit which works out as 4.59% AER over the term with the following rates:
Year 1 - 3.10%
Year 2 - 4.25%
Year 3 - 4.60%
Year 4 - 5.25%
Year 5 - 5.75%

Withdrawals can be made from year 2 onwards only on the anniversary date of the account being opened. The best current alternative 5-year fixes are at 4.60% without the option to withdraw.

Hughesy84

85k limit to be protected?

Any penalties for taking your money out at year 2?

atypical

As I mentioned, they're FSCS protected so yes - £85k protection.

No penalties for withdrawing money on the yearly anniversary dates.

Hughesy84

Cheers il have a look at that one

DragonQ

<deleted post>

info_addict

Isn't the Halifax Stepped Income Reserve a better deal?

http://www.halifax.co.uk/savings/accounts/other-savings-accounts/stepped-income-reserve/

The withdrawal penalty is a bit more onerous, but at an average of 4.75% it gets my attention

slush

The Halifax appears to be a "fixed term" but not fixed rates.

atypical

info_addict wrote: »

Isn't the Halifax Stepped Income Reserve a better deal?

Didn't know about this one. Seems a good account but you're effectively penalised twice if you withdraw early as you have both lower rates applied and the loss of interest penalty.

slush wrote: »

The Halifax appears to be a "fixed term" but not fixed rates.

The rate is fixed. It says on the site "Interest rates are fixed on receipt of your opening deposit."