Secure Trust Bank Two Year Bond Pays 2.2%

Written by Karen Bryan

secure trust bankUpdate 12 July 2016 – Wow that was quick. The Secure Trust Bank Fixed Rate Bond Two Year Term (Series 13) is no longer available “due to unprecedented demand”. This illustrates how quickly you need to act if you see a savings product which offers a competitive rate of interest.

The Secure Trust Bank Fixed Rate Bond Two Year Term (Series 13) pays a fixed rate of interest of 2.2%.

This is a competitive rate, as the next best two-year fixed rate bond, from Charter Savings Bank, pays 1.91%. There’s also a lot of talk about the Bank of England reducing the Base Rate by 0.25% on Thursday this week, which could drive the interest rate paid on savings accounts lower.

The minimum deposit for the Secure Trust Bank Fixed Rate Bond Two Year Term is £1,000. The bond matures on 8 July 2016. Interest is paid annually on 31 December, and at maturity, into a nominated current account. This is a good thing if you prefer to earn some income from a fixed rate bond. But it means that you don’t benefit from compound interest.

You need to apply for the Secure Trust Bank Fixed Rate Bond Two Year Term online. Annoyingly you can’t made an immediate payment into the new account by faster banking. You are informed that you have to wait until the sort code and account number of the new fixed rate bond is posted out to you.

I can’t understand why it isn’t possible to do am immediate transfer. This was possible when I opened a Charter Savings Bank One Year fixed rate account and an Al Rayan Bank 24 Month Fixed Term account online.

Rates of  interest correct on 11 July 2016.