Two up and coming challenger banks \u2013 Charter Savings Bank and Vanquis Bank \u2013 are offering market-leading interest rates on their 12-month savings accounts.<\/p>\n
Charter Savings Bank, which is based in Wolverhampton, opened this year, and its 12-month fixed rate offering will see savers paid two per cent interest, as long as they open an account with a minimum of \u00a31,000.<\/p>\n
The account has to be opened and managed online, and any interest generated is paid annually.<\/p>\n
The bank also has a monthly interest option, but a 1.98 per cent rate is given instead of two per cent.<\/p>\n
Products offered by the bank are also covered under the Financial Services Compensation Scheme, up to \u00a385,000.<\/p>\n
Meanwhile, Vanquis Bank, which is based in Yorkshire, offers a wide range of fixed-rate deals, including a three-year savings account which offers a 2.46 per cent rate.<\/p>\n
The account can be opened with \u00a31,000 and managed via the telephone or online.<\/p>\n
Savers with the bank are also covered by the FSCS up to \u00a385,000 in an individual\u2019s account.<\/p>\n
Like the Charter Savings Bank, it offers an annual and monthly option for interest payments.<\/p>\n
However, those choosing the monthly interest option will receive a slightly lower rate of 2.43 per cent.<\/p>\n
Elsewhere, it has increased the rate on its one-year fix to 1.86 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"
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