Recently, the Kent Reliance Banking service, also known as KRBS, a Kent based building society, launched a best buy savings deal for cash-rich investors.
The bond, which is a one-year fix, is available for savers with a minimum deposit of 50,000 pounds.
Savers have an opportunity to choose between monthly and yearly payouts. Those, who choose to receive their interest on a monthly basis, get a 3.6% interest rate, while those who choose to get their interest once a year, get a 3.66% interest rate.
The savings deal does not allow for early withdrawals or additions.
Commenting on the new deal, money experts at the Independent, said: “Fixed rates can be attractive, unless interest rates generally move up and the rate you’re stuck with ends up looking paltry. However, with no rate increases expected for months, the account could prove worthwhile.”
Let’s hope the British Pound stabilises and begins to recover some of its worth over the next 12 months.
Who really knows what post Brexit is going to look like. Seems like the perfect time to have some savings.
David is a head mortgage advisor and E1 and regularly posts useful information within the lending sector.