United Trust Bank - Any user feedback?

pandaman888

Considering opening an long term (potentially 5 or even 7 years)   fixed term ISA and United Trust Bank seems to offer good rates in their bond ISAs albeit with heavy withdrawal penalties, but its money I wont need access to for a long term

I've not heard of them before and was wondering if anyone has used their services recently?

Trustpilot seems to have a high rating of good reviews but I'm always a bit dubious on the reviews there.

eskbanker

They're mentioned sometimes on here, so use the forum search facility to read through previous comments.

Have you considered investing rather than saving, for money not needed for many years, as this will stand a better chance of outpacing inflation?

lucky77

I have used United Trust for isa bonds with no problems but as you say their withdrawal penalties are much higher than others for long term fixes.

Ocelot

I haven't used them, but, as you say, be aware of their transfer out penalties, which can be eye-watering. 

bristolleedsfan

They sent out email today  Changes to our General Account Terms and Conditions

Simplified and reduced early withdrawal charge
We have simplified the way we calculate  the charge you may have to pay for making early withdrawals from your account/s and lowered the charges. This information can be found on page 9

Screenshot below is from page 9, will relate to cash ISA as they do not have any other specific withdrawal terms that relate to cash ISA

https://www.utbank.co.uk/wp-content/uploads/2023/06/22368-ConsDuty-TCs_v6.pdf