UBL Bank

YorkshireTraveller

Has anyone had any experience of saving with UBL (United Bank UK)?

No worries about safety as covered by FSCS.

Currently offering 2.7% on 3 year fixed deposit which seems to be the market leader for this term.

colsten

Why fix for 3 years at 2.7% when you can get 3,4 and 5% in instant access accounts? An 4 and 6% in Regular Savings accounts?

YorkshireTraveller

Are there any instant access accounts that will pay those rates on £45,000 + ?

colsten

Yes, I think the total you can get 3, 4 and 5% interest on in current accounts currently stands at £51,500. You'll need a few of them but it's easy enough to get them if you have a half decent credit history.
Plus you could feed quite a lot into regular savings accounts each month - £950 in 4 and 6% ones.

YorkshireTraveller

Thanks Colsten - when looking at current accounts they all seem to insist on having a minimum payment into the account each month plus direct debits out of the account each month which isn't practical for me.

colsten

It is really easy to do. Just set up some SOs that move money from one your current account to the next, in a circular motion. Lots of people are doing this.

However, it it's impractical for you, you would have to settle for lesser interest rates.

sorcerer

UBL's customer support is crap, and they are a very cheap bank, you will not get much communication from them.

Eco_Miser

If it's direct debits that are the problem, here's some ideas: https://forums.moneysavingexpert.com/discussion/4168667 Tesco Bank seems the favourite.

ManAtHome

Certainly worth checking out the current account 'money go round' first.

If you decide it's not for you or you have any spare, Shawbrook pay 2.65% - account can be managed online and customer service is good.

YorkshireTraveller

Thanks to everyone for your suggestions. I'm not really into the 'merry-go-round' of current accounts and accept that I'll get a lower interest rate with fixed deposits elsewhere.

I already have a fixed rate deposit with Shawbrook so investing more will be straightforward.

I have one fixed rate bond maturing on October 1st so will probably go the Shawbrook route (only 0.05% less than UBL). I have another bond maturing on November 1st so may well end back at UBL if interest rates remain the same.

UBL have a branch not too far from where we live so I would be able to do everything in person.

Will definitely shop around again when the second bond is due.

fiesta04

I have had an UBL fixed rate before and had no problems.


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