Yorkshire Bank has launched a new term deposit account with a guaranteed interest rate of up to 6.25% AER.
With a minimum deposit of GBP2,000, savers can benefit from a tiered rate of interest depending on the length of the term, starting at 12 months.
For the terms of 12 months, 18 months, 24 months and 36 months, the new rate of interest is 6% AER, 6.05% AER, 6.15% AER and 6.25% AER respectively.
Gary Lumby, head of retail at Yorkshire Bank, said: Fixed rate term deposits are great for people looking to maximize the growth of their savings. Savers put an initial lump sum into the account and as it can’t be added to during the course of the term, we’re able to offer great rates so customers will really see substantial growth in their account.