In a rare piece of good news for British savers, a little-known Indian bank has launched a new best-buy fixed-rate savings account, in a move which may encourage competition in the UK savings market. The Bank of Baroda has 36 million customers globally, but has previously held little market share in the UK. That could be set to change depending on how long they maintain their best buy offer, which pays savers up to 4.9 per cent on their money.
The 4.9 per cent rate is available to borrowers willing to tie up their money for five years, with lesser rates also offered for shorter term savings bonds . All four lead the best buy tables, but the offer is only available through Moneysupermarket.com, so may not appear on some comparison tables. The bank also plans to launch a cash ISA in the coming months, though it remains to be seen whether they will match the generous interest rates being offered on its savings bonds .
Regulated and authorised by the Financial Services Authority, the bank refutes claims that it could suffer a similar fate to Icesave - the UK division of Icelandic bank Landsbanki which collapsed causing some British savers to lose out.
Indian Bank Launches Best Buy Savings Deals
Financial Services > e-banking > Banking news
Indian Bank Launches Best Buy Savings Deals
Fri, 06 Aug 2010
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