One boutique personal and business bank account provider has begun to make waves with consumers for its attractive product offerings.
Bank of Cyprus has been active in the UK for more than 50 years. Originally a way to provide current accounts and fixed rate bonds to Cypriot expats, the boutique bank has grown to include a more diversified customer base.
In addition the bank also offers ISAs to its savers and provides business loans to small and medium sized businesses in the UK. The bank now has 6,500 businesses and 50,000 savers as customers.
The bank has offered attractive rates on its 2011-2012 ISAs, including one of the top rates for a three-year fix at 4.15 per cent. Only Leeds Building Society’s 4.16 per cent deal and Principality’s 4.17 per cent deal are currently higher.
Its two-year ISA shares the top of the best buy tables with Santander with a 3.7 per cent rate. The bank also possesses the best one-year rate currently on offer in the UK with its 3.3 per cent interest rate. The bank also has a newly launched ISA offering with a 3 per cent variable rate as well.
With all accounts having a minimum balance of just £1, the bank accepts transfers of ISA balances from previous years. Another selling point is that the bank allows top-ups to fixed rate bonds throughout the entirety of a tax year provided the minumum £250 deposit is met every time.
The only downside to the banks fixed-term products is that there are no early withdrawals allowed. However the practice is fairly common with fixed-term ISAs, and transferring your cash before the end of the term is permitted – if you don’t mind losing out on 180 days’ worth of interest.