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Charter Savings Bank savings accounts review
Could a savings account from Charter Savings Bank be right for you?
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Charter Savings Bank offers a flexible range of online or postal savings accounts, including cash ISAs, notice accounts and fixed-rate bonds. You can choose the combination of access, rate and frequency of interest payments that suit you best.
Charter Savings Bank's top savings rate of 4.96% is available on one of its cash ISA accounts.
Easy access savings accounts
Table: sorted by interest rate
Charter Savings Bank's best easy access rate of 4.25% is lower than today's market-best rate of 6%.
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Cash ISAs
Table: sorted by interest rate
Charter Savings Bank's best cash ISA rate of 4.96% is very slightly lower than today's market-best rate of 5.25%.
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Fixed-rate bonds
Table: sorted by interest rate
Charter Savings Bank's best fixed-rate bond rate of 4.95% is very slightly lower than today's market-best rate of 5.34%.
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What is Charter Savings Bank's best savings account with the highest interest rate?
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.
Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Charter Savings Bank offers, plus the highest interest rate currently available.
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds |
|---|---|
| Best easy access rate | 4.25% |
| Best cash ISA rate | 4.96% |
| Best fixed-rate bond rate | 4.95% |
| Fixed bond terms | 1 year - 3 years |
| Opening options | Website |
| FSCS protection |
How to open an account
You can open a Charter Savings Bank savings account online. If you’re an existing customer, log in to your existing account and select “Open another account” at the top of the screen.
If you’re a new customer, you’ll need to fill in an online form. Before applying, have your bank account and sort code details to hand. You’ll also need to provide:
- Your personal details
- Your address
- Your contact details
Once you’ve filled in the form and created a password for online banking, you’ll be told whether your application has been successful or if any further information is required.
Charter Savings Bank provides a handy video on its website to explain the application process if you need help.
Is Charter Savings Bank safe?
Charter Savings Bank is a trading name of Charter Court Financial Services Limited, which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.
All eligible deposits are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), rising to £120,000 per person for joint accounts.
Pros and cons of Charter Savings Bank
Pros
- Variety of accounts. Choose from fixed rate, easy access, notice or cash ISA accounts.
- Flexible interest payments. Decide whether you want interest paid monthly or annually.
- FSCS protection. Money in accounts is protected up to £120,000 per person.
Cons
- Online & postal accounts only. You can only manage your accounts online or via post if you have a postal account.
- Better rates elsewhere? Charter Savings Bank offers competitive interest rates, but it’s worth checking what’s on offer elsewhere, too.
- High deposit requirement. You’ll need at least £5,000 to open an account.
Our verdict: Is a savings account from Charter Savings Bank worth it?
Charter Savings Bank offers a variety of competitive savings accounts, whether you’re hoping to lock your money away for a while or you’d prefer to have instant access to your funds.
However, you’ll need to be happy operating your account online, so if you’d prefer branch access, look elsewhere. Check out our other reviews before deciding whether Charter Savings Bank is definitely the best option for you.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
Sources
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