TSB has increased the rate it pays on its Monthly Saver account from 2% gross/AER to 5%.
Savers must have a TSB current account to open the Monthly Saver and the most they can deposit each month is £250. The minimum contribution is £25.
After tax, the rate received by basic-rate taxpayers is 4% and higher-rate taxpayers is 3%.
TSB ups Monthly Saver rate to 5%
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TSB has increased the rate it pays on its TSB Monthly Saver from 2% gross/AER to 5%. Savers must have a TSB current account to open the Monthly Saver and the most they can deposit each month is £250. The minimum contribution is £25. After tax, the rate received by basic-rate taxpayers is 4% and high-rate payers is 3%. First Direct's Regular Saver - also only available to its current account customers - pays 6% gross/AER and also has a minimum contribution of £25 a month but its maximum limit is £300. For new customers not wanting to move their current account, the best rate available on a regular saver is 4% from Kent Reliance. TSB has also improved the rate on its 2 Year Fixed Bond from 1.35% gross/AER to 1.5%. Basic-rate taxpayers with £2,000 to put away will receive a rate of 1.08% after tax, while high-rate payers will earn just 0.81%. However, the best rate on a similar bond currently available on the market - according to http://ift.tt/1FB65V5 - is 2.3% gross/AER on Punjab National Bank (International)'s 2 Year - < 3 Year Fxd Rate Deposit. The rate is fixed for 24 months. The minimum deposit is £500 but can only be opened in branch or by post. TSB has also increased the rate on its 2 Year Fixed Rate Cash ISA to 1.5% AER, up from 1.4%. The minimum opening balance is £3,000 and transfers in are allowed. Withdrawals made within the fixed rate period will incur a charge of 180 days' tax-free interest on the amount taken out. The best-buy two-year fixed cash ISA available is currently Kent Reliance's Flexible Fixed Rate NISA Two Year Issue 17, paying 1.85% AER. The minimum opening deposit is £1,000 and transfers in are allowed.
Source Moneywise http://ift.tt/1IszczR
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