Charter Savings Bank savings accounts review

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% is available on one of its notice accounts.

Easy access savings accounts

Charter Savings Bank's best easy access rate of 4.55% is significantly lower than today's market-best rate of 7.29%. Compare more instant and easy access accounts up to 7.29%

Cash ISAs

Charter Savings Bank's best cash ISA rate of 4.55% is very slightly lower than today's market-best rate of 4.85%. Compare more ISAs up to 4.85%

Fixed-rate bonds

Charter Savings Bank's best fixed-rate bond rate of 4.65% is very slightly lower than today's market-best rate of 4.96%. Compare more fixed-rate bonds up to 4.96%

Notice savings accounts

Charter Savings Bank's best notice savings account rate of 5% is very slightly lower than today's market-best rate of 5.2%. Compare more notice savings accounts up to 5.2%

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	4.55%
Best cash ISA rate	4.55%
Best fixed-rate bond rate	4.65%
Best notice account rate	5%
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

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

• Can I open a joint savings account?

  Yes, you can open a joint savings account with Charter Savings Bank. You’ll need to specify whether the account is in joint or single names when you apply. However, you can’t have a joint ISA.

• What happens when my fixed-rate bond matures?

  When your account matures, you can decide where you’d like to transfer your savings. This might be to a new account, your nominated bank account or another account you already have with Charter Savings Bank.

• What checks does Charter Savings Bank carry out?

  When you apply for an account, Charter Savings Bank checks your identity and address and validates your nominated bank account. It usually uses a number of electronic databases for this, but you may be asked to send in identification documents by post in some cases.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.