Masthaven has increased the interest rate on its three-year fixed rate bond.
The rate has gone up from 1.67 per cent to 1.7 per cent on an annual basis and 1.69 per cent on a monthly.
The bank has also changed its one year fixed rate bond from 1.35 per cent to 1.25 per cent annually and 1.24 per cent monthly - and its five-year fixed rate bond from 2.01 per cent to 1.96 per cent (annual) and 1.94 per cent (monthly).
The two-year fixed rate bonds remain unchanged at 1.53 per cent (annual) and 1.52 per cent (monthly).
New rates are effective from 27 January. The changes effect the annual equivalent rate (AER) for Masthaven’s flexible term saver products.
Carl Lamb, managing director at Norwich-based Almary Green, said that any increase in interest rates has to be seen as encouraging in the current financial environment.
“Everywhere you look now for people and their money, the options are becoming less and less and due to inflation issues and everybody seems to be going backwards. So, anything that sees a slight uplift in rates has got to be seen as a positive.”
