Profit can be applied to the account on the anniversary of opening, or monthly and on maturity from a minimum deposit of £1,000. However, withdrawals are not permitted.
In fourth place is Zopa’s 4 Year Fixed Term Savings account with an AER of 4.85 percent.
Similar rules to the five-year fixed saver apply. A minimum deposit of £1,000 is required to open, interest is paid monthly, and withdrawals are not permitted until the term ends.
Ranking fifth is FirstSave’s 3 Year Fixed Bond (Nov22 Issue) with an AER of 4.8 percent.
A minimum of £1,000 is required to open the account and up to £2,000,000 can be invested over the course of the three-year term. Interest is paid on the anniversary of the account opening and withdrawals are also not permitted until the account matures.
Gatehouse Bank’s 4 Year Fixed Term Woodland Saver places sixth with an AER of 4.8 percent.
The same rules apply as the five-year term; profit is earned instead and a new tree is planted in UK woodland with every account. A minimum deposit of £1,000 is required to open, interest is paid annually, monthly, or on maturity and early withdrawals are not permitted.
Seventh on the list is Union Bank of India (UK) Ltd’s Fixed Rate Deposit with an AER of 4.8 percent.
A minimum deposit of £1,000 is required to open and up to £1,000,000 can be invested in this three-year bond and withdrawals are not permitted.
Placing eighth is another Union Bank of India (UK) Ltd account, its Union Premier Bond, also with an AER of 4.8 percent.
The term for this account also runs for three years but requires a minimum deposit of £5,000 to open. Interest is paid on maturity and a bonus of 0.10 percent will be applied above the current Interest rate for renewals. Withdrawals are also not permitted before the term ends.