
Secure Trust Bank savings accounts review
Secure Trust Bank offers a broad range of savings accounts with interest rates up to 5.05%.
Established in 1952 in the West Midlands, Secure Trust Bank offers a range of savings accounts and lending services to more than a million customers.
This guide takes a detailed look at the bank’s savings accounts so you can decide if one is right for you.
Easy access savings accounts
Cash ISAs
Fixed-rate bonds
Overview of Secure Trust Bank savings
Savings account types include | Easy access, cash ISAs, fixed-rate bonds |
---|---|
Best easy access rate | 3.85% |
Best cash ISA rate | 4.5% |
Best fixed-rate bond rate | 5.05% |
Fixed bond terms | 10 months - 3 years 1 month |
Opening options | Website |
FSCS protection |
How to open an account
To open an account with Secure Trust Bank, you will need to be at least 18 years old and a UK resident. You can apply for an account online by filling in a short application form – this should only take 10 minutes. You will need to provide personal details including your name, address, email address, phone number and National Insurance number. You will also need to provide details of a UK bank account in your name, which will be your nominated account.
Documents needed to open an account
When you apply for an account with Secure Trust Bank, it will aim to verify your identity electronically via a credit reference agency, so you shouldn’t need to provide any documents.
If your identity cannot be verified this way, you may have to provide proof of ID such as a passport or driving licence.
Is Secure Trust Bank safe?
Yes, Secure Trust Bank 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.
Pros and cons
Pros
- Flexibility. Secure Trust Bank offers a number of savings accounts, whether you’re looking for easy access or long-term gains.
- FSCS protection. Money in accounts will be protected up to £85,000 per person.
- Easy to open an account. The application process should only take 10 minutes, and you shouldn’t need to provide any documents.
Cons
- No bank branches. You can only manage your account online or by phone.
- Strict deposit requirements. Each deposit must be for at least £1,000.
Our verdict: Is a savings account from Secure Trust Bank worth it?
Secure Trust Bank offers a number of competitive savings accounts, including a wide range of fixed rate bonds. This means that whether you’re after an easy access account, a short-term fixed rate bond or a longer-term option, there should be something for you.
However, you will need to be happy banking online or over the phone if you want to open an account with Secure Trust Bank. And as always, it pays to shop around to check what else is out there before making any final decisions.
Frequently asked questions
Savings ratings
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
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