New 2 Year Fixed Rate Savings – nothing else comes Close

Product Info:
Close Brothers Premium Gold 2 year fixed rate deposit. Pays 4.25% AER – interest paid annually and at maturity. Minimum investment £10,000 with a maximum of £10 million.

My view:
Savers coming off existing fixed rate bonds are anxious to lock in to the best deals without having to tie their cash up for an extended period.

This latest best buy deal from Close Brothers Savings will fit the bill perfectly, and is currently paying a higher return than the best four year fix on the market. (BM Savings and State Bank of India both at 4.20% AER)

At more than 0.85% above the average two year fixed savings rate and a quarter point ahead of its nearest competitor there will be no shortage of takers for this product.

This is the highest rate seen on a 2 year fixed rate savings bond for 20 months, since ICICI Bank UK was offering the same 4.25% back in March 2010. You have to go back exactly 2 years to find a higher 2 year rate – courtesy of AA Savings 4.35% in November 2009.

If you’re not familiar with Close Brothers Ltd, it is authorised by the FSA and a member of the Financial Services Compensation Scheme, therefore savings balances up to £85,000 per deposit holder are protected.

My verdict – HIT

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