FirstSave, a UK-based unit of First Bank of Nigeria, has reportedly introduced three new fixed-rate savings accounts.
According to FirstSave, its fixed-rate bond accounts with lock up period of one, two and three years offer 1.9%, 2.35% and 2.6% returns, respectively.
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Furthermore, FirstSave is also offering a 5-year fixed-rate bond account with 3.25% yearly interest and another 7-year fixed-rate bond account with 3.5% yearly interest.
In order to open a fixed-rate yearly account, customers will be required to deposit a minimum of £1,000, while for a fixed-rate monthly account, minimum deposit is £500.
The accounts can be accessed online only and the accountholders will not be able to withdraw their deposits within the stipulated fixed period of the deposit.
Rate-monitoring site SavingsChampion.co.uk source, Sue Hannums, was quoted by the telegraph.co.uk as saying, "These new launches from FirstSave have gone straight to the top of the table for each of the terms.
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By GlobalData"The one year and two year fixed rate bonds are significantly higher than their nearest rivals, whereas the three year bond is equal to the current market leader from Close Brothers, which has a higher minimum balance of £10,000."
FirstSave is a member of the Financial Services Compensation Scheme which guarantees 100% protection for the first £85,000 of a saver’s total deposit.
