Chartercourt Financial Services, which also owns Precise Mortgages, announced in January that it had been granted a banking licence from the Prudential Regulation Authority – only the third to be granted in 100 years – to set the Bank up.
The bank’s savings accounts, available from today, focus on meeting the needs of those saving for both the short and long term, and those seeking a regular income from their savings.
Ian Lonergan, chief executive officer of Charter Savings Bank, said: “When we launched Charter Savings Bank our vision was simple: to create straightforward savings accounts with competitive rates, backed by reliable service, to help savers meet their financial goals.
“We know a significant number of savers are struggling to achieve good returns on their savings in today’s economic climate, but we are confident that our accounts will provide a better deal for customers.”
Paul Whitlock, director of savings Charter Savings Bank, added: “We’re proud of our core products which aim to provide a portfolio of saving accounts with something for everyone, whether they need access to their funds straightaway or if they want to put them away for a longer term. Increased choice from banks will benefit consumers, not just in price, but also in the service they receive.”
Charter Savings Bank offers three core savings account types: Easy Access, Notice and Fixed Rate Bonds, for deposits from £1,000 to £250,000. Each account boasts attractive rates and straightforward features: easy access variable rate of 1.25% AER; ability to pay in and withdraw funds at any time with no notice and no penalties; 95 day notice variable rate of 1.75% AER; access to funds after providing 95 days’ notice, with no early withdrawals and no interest penalties; a full range of fixed rate bonds (1,2,3,4 and 5-years) ranging from 1.80% AER up to 2.50% AER, allowing customers to lock away their funds whilst knowing what interest they will receive.
All accounts are available with monthly or annual interest payments, giving savers the option to draw a regular income from their savings.
The bank announced approval of its banking licence by the PRA in January 2015 and represents an alternative to traditional banks, providing accounts that offer a straightforward and transparent savings solution for a customer base which is currently struggling to achieve its financial goals. The online bank, which removes the cost associated with a physical presence on the high street, is a UK bank for UK savers with a dedicated UK telephone customer support team that operates seven days a week.
Charter Savings Bank is covered by the Financial Services Compensation Scheme, the UK's deposit protection scheme, which protects customers’ eligible deposits up to a total of £85,000.
