United Trust Bank (UTB) has launched a new savings account matching the current Bank of England Base Rate and tracking any further changes to the Base Rate.
The new 180-day Notice Tracker Account has a competitive starting interest rate of 5% Gross/AER*, exactly the same as the Bank of England Base Rate, and enables customers to earn a competitive rate of interest now and benefit from future rate increases, without lifting a finger.
The new account is available to personal, business and charity customers and requires 180 days’ notice should savers wish to withdraw all or some of their balance in the future. Any future changes to the Base Rate will be automatically applied to the accounts within 3 days. A minimum deposit of £5,000 is required and interest is paid annually.
Eligible savings are protected by the Financial Services Compensation Scheme up to £85,000 per customer/legal entity (i.e. £170,000 for accounts held jointly).
* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. GROSS is the interest rate without the deduction of income tax.
More information can be found here: