Charter Savings Bank, a UK-based digital-only challenger savings bank owned by Charter Court Financial Services, has opened for business.

Charter Savings Bank CEO Ian Lonergan 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."

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The new bank offers a portfolio of savings accounts designed to suit both short as well as long term saving plans.

The bank offers three core savings account types, including Easy Access, Notice and Fixed Rate Bonds, for deposits ranging between £1,000 and £250,000.

All the account variants come with monthly or annual interest payments, helping savers receive a regular income from their savings.

The Easy Access variant will enable clients to pay in and withdraw funds at any time without notice or penalties.

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The Notice account type will offer access to funds after giving 95 days’ notice, without early withdrawals and interest penalties.

Fixed Rate Bonds will enable customers lock away their funds as well as know the amount of interest they will receive.

The bank is covered by UK’s deposit protection scheme, Financial Services Compensation Scheme, which will help protect eligible deposits of customers up to a total of £85,000.

Charter Savings Bank was granted banking licence by the Prudential Regulation Authority in January 2015.