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Co-operative Bank to revise fixed deposit rate

The Co-operative Bank, a unit of Co-operative Financial Services in the UK, has announced that it will be revising its current fixed term deposit rate and offering customers a new rate of up to 6.62% gross/AER on a one-year term.

The bank said that fixed term deposits offer people a low-risk way of saving while guaranteeing fixed returns on their investments, with a choice of one, two or three year terms.

Customers can choose whether they receive payment of interest on a regular monthly income or leave it to accumulate and reap the benefit at maturity. The deposits range from GBP2,000 to GBP1 million.

Scott McPhail, product manager of savings at The Co-operative Bank said: As part of our continued strategy for growth at The Co-operative Bank, we are really pleased to offer our customers a new market leading rate on our one year Fixed Term Deposit.