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5-year fixed term deposit, 4.59% with yearly access
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atypical
Posts: 1,342 Forumite
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.
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.
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Comments
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85k limit to be protected?
Any penalties for taking your money out at year 2?0 -
As I mentioned, they're FSCS protected so yes - £85k protection.
No penalties for withdrawing money on the yearly anniversary dates.0 -
Cheers il have a look at that one0
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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 attention0 -
The Halifax appears to be a "fixed term" but not fixed rates.0
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info_addict wrote: »Isn't the Halifax Stepped Income Reserve a better deal?The Halifax appears to be a "fixed term" but not fixed rates.0
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