Hodge Bank savings accounts review
Hodge Bank offers a broad range of savings accounts with interest rates up to 5.05%.
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Hodge Bank was founded in 1965 and is headquartered in Cardiff. The bank currently only offers fixed rate savings accounts that are best suited to those who are prepared to lock away a lump sum of cash for a set time.
Hodge Bank's top savings rate of 5.05% is available on one of its fixed-rate bond accounts.
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 Hodge Bank offers, plus the highest interest rate currently available.
Savings account types include | Cash isas, fixed-rate bonds |
---|---|
Best cash ISA rate | 4.59% |
Best fixed-rate bond rate | 5.05% |
Fixed bond terms | 1 year - 5 years |
Opening options | Website |
FSCS protection |
To open a savings account with Hodge Bank, you will need to be at least 18 years old and a UK resident. All accounts must be opened and managed online.
It takes around 10 minutes to open an account. You will need to fill in an application form, providing personal details such as your name, address and National Insurance number. If you are opening a cash ISA and wish to transfer funds in, you will also need to sign a transfer authority form.
You shouldn’t need to provide any documents when opening an account as Hodge Bank says it carries out electronic searches to verify your identity. If you are asked for documents, you can send copies by email.
Yes, Hodge Bank is a trading name of Julian Hodge Bank Limited. It is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and PRA. All eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS). This rises to £170,000 for joint accounts.
If you’re looking to lock away a lump sum of cash for a set time and you’re happy to bank online, the savings accounts on offer from Hodge Bank are certainly worth a look. However, if you’re after a little more flexibility, you want to be able to top up and withdraw your savings as and when, or you’re simply looking for alternative ways to bank, Hodge Bank savings accounts won’t be right for you.
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