United Trust Bank (UTB) is supporting UK Savings Week with the launch of a 30-day notice savings account offering tiered variable interest rates for different savings balances.
The Bank’s personal product will offer a 4.6% (variable) Gross AER* on balances from £5000 to £9,999.99 and a higher rate of 4.7% (variable) Gross AER* on the whole balance once it reaches £10,000 or higher. The product is designed to encourage customers who open their accounts with smaller pots to save regularly and attain the higher interest rate. The minimum initial amount required to open the account is £5000. Rates and information are correct at the time of publication and the product is variable so interest rates can go up or down.
UK Savings Week is an annual campaign run by the Building Societies Association which aims to raise awareness of the importance and benefits of saving and encouraging good saving habits. This year’s campaign is focused on educating consumers about how to make more of their savings and take advantage of the highest interest rates available to savers in more than 14 years.
This year’s campaign runs from the 18th to the 24th of September 2023 and has been introduced through the collaboration of several credit unions, building societies, and other saving providers, as well as consumer groups and debt charities.
Find out more about UK Savings Week and how you can make your money work harder here.
New 30-day Notice Account
United Trust Bank’s new 30-day Notice Account requires a minimum initial deposit of £5,000 with interest paid annually on the 31st October. Interest is calculated daily using the cleared balance of the account.
• Balances of £5,000 to £9,999.99 = Rate 4.6% (variable) Gross AER*
• Balances of £10,000 or more (to a maximum of £1 million) = Rate 4.7% (variable) Gross AER*
The estimated balance after 1 year using a deposit of £5,000 and receiving 4.6% Gross AER* would be £5,230.
The estimated balance after 1 year using a deposit of £10,000 and receiving 4.7% Gross AER* would be £10,470.
These projections assume the interest rate does not change and that no withdrawals or deposits are made during the first year. The projections provided are for illustrative purposes only and do not take into account individual circumstances.
New research from the Building Societies Association (BSA) has found that, despite the recent focus on interest rates, over a third (34%) of UK savers never compare the rate on their savings accounts to others available in the market – potentially missing out on nearly £1136** extra income a year. In addition, three in ten (30%) revealed they never check what their rates are with their own bank or building society, with many consumers potentially missing out on ‘free money’ by holding their savings in accounts offering uncompetitive rates.
Joe Harris, Product Manager at United Trust Bank, said: “United Trust Bank is excited to support the Building Societies Association’s UK Savings Week and to launch this new savings account with tiered interest rates as an incentive for customers to save regularly and earn even more interest as their savings pot grows.
“Savers are benefitting from some of the highest interest rates since 2008, so now is an excellent time for people to check that their savings are working hard and earning the interest they deserve rather than languishing in a low, or even no, interest bank account.”
Find out more about our new 30-day Notice Account.
*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.
** – £1,136 is based on a balance of £21,841 – which according to BSA research is the average balance held by people with savings – earning the current best-buy instant access account rate of 5.2% AER (Source: Moneyfacts 5th September 2023) for a year compared to no interest in a current account. The figure is rounded up to the nearest whole GBP.
Research conducted by Opinium on behalf of Building Societies Association between 21 – 27 June 2023 with a nationally represented sample of 2,000 UK Adults