United Trust Bank (UTB) is supporting the third UK Savings Week by offering a 1 year fixed bond cash ISA at a competitive rate of 4.65% Gross AER*.
UTB offer a straightforward ISA transfer service which means you can consolidate multiple existing ISAs held with other providers and benefit from more competitive ISA rates. The offer is open to new and existing customers of UTB.
This year, the theme of UK Savings Week is to promote the benefits of having and actively managing savings. The overarching campaign aims are to help people build their financial resilience by finding a way to save that works for them and to encourage those with savings to actively engage and manage their savings to make them work as hard as possible.
Savings. They’re what you make of them…
It appears that once savers have opened savings accounts, many of them don’t bother to check if their savings provider is paying a competitive interest rate and could be losing out on extra interest for years if they happen to have chosen a poor paying provider and don’t review the rates regularly.
Research1 commissioned for UK Savings Week revealed that an incredible 41% of UK adults are still with the same savings provider they opened their first account with as a child. Whilst 28% of UK adults hold most of their savings in a current account. 31% of UK adults NEVER compare the interest rate on their savings account to other accounts available.
Brian Todd, Head of Deposits at United Trust Bank, commented:
“UTB is pleased to be supporting UK Savings Week again this year and fully endorses the campaign’s aim to get people checking that their savings accounts are paying a competitive interest rate.
“I am also delighted that UTB is marking the occasion with a competitive 1 year Cash ISA fixed bond, open to new and existing customers, which will really help savers make the most of their tax-free savings.
“The difference between the most and least competitive savings rates available can be substantial, and unless consumers regularly review their accounts, they may not realise that their nest eggs could be growing at a much faster rate, just by making a simple switch.”
1 – Research was commissioned for UK Savings Week and conducted by Opinium 24-28 May 2024. The sample size was 2,000 UK adults. The research was conducted online, and results have been weighted to be nationally representative.
* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Rates correct at the time of issue. Minimum deposit £5,000, maximum £1,000,000. Interest calculated daily using the cleared balance of the account, paid on maturity.