Masthaven, the new challenger bank, has increased the interest rate on its 3 year Fixed Rate Bond - from 1.61 % to 1.67% (annual) and 1.66% (monthly). The new rate is effective from 20th December 2016.
This change affects the Annual Equivalent Rate (AER) for Masthaven’s Flexible Term Saver products. For example, the rate for 48 months will rise from 1.81% AER to 1.84% AER.
- The revised rates will apply to new customers from 20th December 2016.
- The Flexible Term Saver account challenges banking convention by allowing people to decide the date when their savings account matures. The combination of competitive rates and ease of use means savers can take advantage of a fixed term rate over a timeframe that suits their lifestyle.
- For each Masthaven savings account, there is a minimum balance of £500 and a maximum balance of £250,000. Customers may have numerous savings accounts with Masthaven at any one time, within maximum total balance of £1,000,000 hold across all savings accounts. Any funds held jointly will count towards individual limits.
- Masthaven savings products are covered by Financial Services Compensation Scheme fscs.org.uk