Finance News: United Trust offers sector 'high' rates and ease of access

United Trust Bank has launched two new charity savings accounts aimed at charities that want "attractive returns", but also want to preserve easy access to their money.

The first option, Charity Choice Account, offers an interest rate of 4.15 per cent gross/AER and is available to those that have at least £5,000 to deposit. It claims to provide easy access and offers 20 free transactions per month, excluding Chaps payments.

The second product, the Charity Saver Account, also requires a minimum balance of £5,000, but the gross interest rate varies, depending on the notice period required by the account holder.

If charities need 60 days' notice, the rate is set at 4.4 per cent. At six months' notice, the rate rises to 4.75 per cent, and if money is not going to be accessed for a year, the interest rate goes up to 5.15 per cent. Interest is paid annually on this account.

Interest rates are subject to variation, and the rates are correct as at 24 June.

United Trust Bank reverted to its former name three months ago. For two years before that it was known as Bank Insinger de Beaufort.

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