Established in 2015, Charter Savings Bank is a retail savings bank offering a broad range of online savings accounts, including cash ISAs. Below, we review these accounts in detail.
Charter Savings Bank's top savings rate of 5.06% is available on one of its notice accounts.
Easy access savings accounts
Cash ISAs
Fixed-rate bonds
Notice savings accounts
What is Charter Savings Bank's best savings account with the highest interest rate?
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.
Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Charter Savings Bank offers, plus the highest interest rate currently available.
Savings account types include | Easy access, cash ISAs, fixed-rate bonds, notice accounts |
---|---|
Best easy access rate | 4.61% |
Best cash ISA rate | 4.61% |
Best fixed-rate bond rate | 4.62% |
Best notice account rate | 5.06% |
Fixed bond terms | 1 year |
Notice account periods available | 30 days - 120 days |
Opening options | Website |
FSCS protection |
How to open an account
You can open a Charter Savings Bank savings account online. If you’re an existing customer, log in to your existing account and select “Open another account” at the top of the screen.
If you’re a new customer, you’ll need to fill in an online form. Before applying, have your bank account and sort code details to hand. You’ll also need to provide:
- Your personal details
- Your address
- Your contact details
Once you’ve filled in the form and created a password for online banking, you’ll be told whether your application has been successful or if any further information is required.
Charter Savings Bank provides a handy video on its website to explain the application process if you need help.
Is Charter Savings Bank safe?
Charter Savings Bank is a trading name of Charter Court Financial Services Limited, which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.
All eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), rising to £170,000 for joint accounts.
Pros and cons of Charter Savings Bank
Pros
- Variety of accounts. Choose from fixed rate, easy access, notice or cash ISA accounts.
- Flexible interest payments. Decide whether you want interest paid monthly or annually.
- FSCS protection. Money in accounts is protected up to £85,000 per person.
Cons
- Online only accounts. You’ll currently only be able to manage your savings account online.
- Better rates elsewhere? Charter Savings Bank offers competitive interest rates, but it’s worth checking what’s on offer elsewhere, too.
- High deposit requirement. You’ll need at least £5,000 to open an account.
Our verdict: Is a savings account from Charter Savings Bank worth it?
Charter Savings Bank offers a variety of competitive savings accounts, whether you’re hoping to lock your money away for a while or you’d prefer to have instant access to your funds.
However, you’ll need to be happy operating your account online, so if you’d prefer branch access, look elsewhere. Check out our other reviews before deciding whether Charter Savings Bank is definitely the best option for you.
Frequently asked questions
More guides on Finder
-
Moneybox vs Hargreaves Lansdown (HL)
Hargreaves Lansdown and Moneybox are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Moneybox vs Hargreaves Lansdown (HL).
-
How to get free money online: Ways and tips to earn free cash
Free money might sound too good to be true, but there are many ways you can get your hands on some extra cash.
-
Moneyfarm vs Hargreaves Lansdown (HL)
Hargreaves Lansdown and Moneyfarm are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Moneyfarm vs Hargreaves Lansdown (HL).
-
Vanguard vs Freetrade
Freetrade and Vanguard are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Vanguard vs Freetrade.
-
Bex Card review: A prepaid card for kids with a low fee.
If your child is aged between 6 and 18, the Bex card could be the first step to giving them some financial freedom.
-
XTB vs Trading 212
Trading 212 and XTB are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side XTB vs Trading 212.
-
Moneybox vs Trading 212
Trading 212 and Moneybox are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Moneybox vs Trading 212.
-
InvestEngine vs Trading 212
Trading 212 and InvestEngine are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in InvestEngine vs Trading 212.
-
Best day trading stocks for 2024
Find out how to spot some of the best day trading stocks available in the UK and abroad, along with tips for managing your investment portfolio on a day-to-day basis.
-
Wealthify vs Vanguard
Vanguard and Wealthify are both investment platforms with a lot to offer. We compare their fees, features, account types and more – side by side in Wealthify vs Vanguard.