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After a summer when the Bank of England’s August rate cut triggered a slide in interest rates across hundreds of savings accounts, Standard Bank is bucking the trend with a new fixed-rate bond.
The general direction among sterling savings accounts has been to cut rates but Standard Bank – the African continent’s largest bank by assets – is adding a new, market-leading, fixed-rate solution to save money.
This week, Standard Bank IoM has launched an 18-month Fixed-Rate Bond which pays a fixed interest rate of 2% gross p.a./1.99%/AER*. Interest is accrued daily and paid on maturity, along with the capital. The bond is available in Sterling with a minimum balance of £10,000 and a maximum of £1,000,000. This is a limited issue and will be withdrawn when fully subscribed.
This new bond is in addition to Standard Bank’s wide range of multi-currency notice accounts and structured deposits, which offer capital protection with growth linked to the stock market.
Sanshia Tumblety, Head of Banking Propositions, International Personal Banking, said that the new bond was timely and attractive.
“When savers are having to search high and low to receive something for their hard earned money, I’m proud to say that Standard Bank has always tried to think differently and this 18-month bond offers a strong return in uncertain economic times.
“But it should not be seen in isolation – we offer a broad spectrum of savings products, such as our Sterling International Saver 396 account, which offers annual interest of 1.60% gross/AER with 396 days’ notice. This variety of market-leading savings accounts reflects Standard Bank’s commitment to deliver excellent savings solutions to our customers.”
