{"id":43812,"date":"2023-11-26T09:19:16","date_gmt":"2023-11-26T09:19:16","guid":{"rendered":"https:\/\/cabanesetcompagnie.com\/?p=43812"},"modified":"2023-11-26T09:19:16","modified_gmt":"2023-11-26T09:19:16","slug":"hodge-bank-increases-interest-rate-on-savings-account-to-excellent-5-39","status":"publish","type":"post","link":"https:\/\/cabanesetcompagnie.com\/world-news\/hodge-bank-increases-interest-rate-on-savings-account-to-excellent-5-39\/","title":{"rendered":"Hodge Bank increases interest rate on savings account to ‘excellent’ 5.39%"},"content":{"rendered":"

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Hodge Bank has increased the interest rate on its three-year fixed savings account to 5.39 percent, earning a Moneyfactscompare \u201cexcellent\u201d rating.<\/p>\n

With interest rates fluctuating, fixed savers can offer some certainty to saving as these accounts enable customers to lock in the rate at the time of opening.<\/p>\n

Commenting on the deal, Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, said: \u201cHodge Bank has increased the rate on its Three Year Fixed Rate Bond this week, improving its position in the market.<\/p>\n

\u201cNow paying 5.39 percent on investments of \u00a31,000, the deal may appeal to savers looking for a competitive return who are comfortable with locking their money away for the full three years as earlier access is not permitted, which should be carefully considered.\u201d<\/p>\n

Ms Eastell added: \u201cThere is also a monthly interest option which may entice those looking to supplement their income. Overall, the deal earns an Excellent Moneyfacts product rating.\u201d<\/p>\n

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The account can only be opened online by savers aged 18 or over, and up to \u00a31million can be invested overall.<\/p>\n

But while Hodge Bank may be offering a more \u201cappealing\u201d deal, it isn\u2019t currently the top rate on the market. Al Rayan Bank is offering a market-leading 5.6 percent Expected Profit Rate on its 36-month Fixed Term Deposit account.<\/p>\n

The account requires a minimum deposit of \u00a35,000 and profit is paid quarterly. Instead of paying interest to savers, Al Rayan Bank, as an Islamic bank, invests customers\u2019 deposits in ethical, Sharia-compliant activities to generate a profit.<\/p>\n

Profit rates are expected, however, the bank said it has always paid at least the profit rate it has quoted to its customers since it was founded in 2004.<\/p>\n

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Up to \u00a31million can be invested and withdrawals are not permitted until the term ends.<\/p>\n

Placing just behind is Zenith Bank\u2019s Three Year Fixed Term Deposit with an AER of 5.5 percent. The account can also be opened with a minimum deposit of \u00a31,000 and interest is paid on the anniversary.<\/p>\n

Early access is not permitted and savers must be aged 18 or over to launch an account.<\/p>\n

Commenting on the market, Rachel Springall, a finance expert at Moneyfacts, said: \u201cFixed bonds and ISA rates have fallen across the board, which will be disappointing news to savers.\u201d<\/p>\n

November has seen a \u201cclear downward trend\u201d in the fixed market as all average fixed rates fell for the first time since March 2021, Ms Springall said.<\/p>\n