Two personal and business bank account providers are vying for the top spot on the two year fixed rate bonds tables with a new offering each, savings experts recently reported.
BM Savings has a new two-year fix with a 4.05 per cent interest rate currently claiming the top spot. However, Shawbrook will be announcing a new deal later today that is rumoured to eclipse the BM Savings offering.
Savers that cannot wait for the unveiling can avail themselves of the BM Savings deal, which nets them 3.24 per cent after taxes, with hose paying the higher tax rate will only take home 2.43 per cent from the savings product. Savers can open an account with a minimum deposit of £1, and are permitted to make withdrawals provided they can stomach losing anywhere from 90 days to 180 days of interest on the withdrawal.
Owned by Bank of Scotland, BM Savings is accepting telephone and online applications for the new two-year fix. Overseen by the massive Lloyds Banking Group, which operates a raft of retail banks such as Lloyds TSB, BM Savings shares a banking licence with the rest of the lenders in the group, leading to every deposit across every group member being insured for £85,000 per customer by the FSCS.
Industry experts say that consumers looking to make the best of their money should wait until Shawbrook Bank reveals the new rates on their bonds later today. However, most experts agree that the likelihood of BM Savings’ deal lasting through Christmas is high, so waiting a few hours to compare the rates on both offerings is a possibility.