GB Bank raises interest on savings account to 4.68% and earns ‘excellent’ rating | Personal Finance | Finance
GB Bank has raised the interest on its 120-day notice savings account to 4.68%, earning an “excellent” Moneyfacts rating. The new deal currently holds the “market-leading” position, and savers can launch the account with £1,000.
Notice accounts act as a middle ground between easy access and fixed-rate savings accounts. These accounts allow people to withdraw money whenever they need to, but they must give the bank an agreed-upon amount of notice or face penalties. Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said: “This week GB Bank has launched a new 120-Day Notice Account. The deal grabs the market-leading position for its sector.”
Savers can choose to have interest paid monthly or annually, and further deposits can be made into the account at any time.
Ms Eastell added: “Although withdrawals are permitted, as is the case with many notice accounts, consumers need to give the full 120 days’ notice to access their cash. On assessment, this account earns an Excellent Moneyfacts product rating.”
Savers must be UK residents aged 18 or over to launch the account.
What else is out there?
GB Bank tops the list for 120-day notice accounts, savers can bag marginally higher rates for accounts with slightly shorter notice periods.
For a monthly fee of £9.99, Plum’s Premium 95-day account offers an Annual Equivalent Rate of 4.84%. There is no minimum deposit requirement to launch it, and interest is paid daily.
As always, before signing up for an account that charges a fee, make sure you’ll benefit from the perks offered.
For savers with larger deposits to invest, OakNorth Bank’s 95-day Prosper account offers an AER of 4.74% on a minimum of £20,000. The rate includes a 1.15% bonus for 12 months, and interest is paid daily.
Vida Savings is also offering a competitive 95-day notice deal with an AER of 4.65%. Savers can launch the account with just £50, and interest is paid on the anniversary of opening. Up to £85,000 can be deposited into the account overall.
