Charter Savings Bank, set up in 2015, is a UK-based online bank centered on helping people save, offering accounts designed for different goals. With no physical branches, it keeps things simple and direct for customers managing everything online.
Charter Savings provides various savings options with fixed-rate bonds for those who prefer locking in rates, easy-access accounts for flexible saving, and tax-free ISAs for long-term, protected growth, and keeps savings secure at Charter Savings Bank.
Description
Learn about Charter Savings Bank, its competitive rates, top-notch security, and flexible online savings options!
Key Facts
- Charter Savings Bank ratings on Trustpilot gained 4.5/5 with over 2,600 reviews and a 5-star rating from Moneyfacts for select products.
- Fairer Finance scores it at 4/5 for customer satisfaction, reflecting positive feedback on rates and ease of use.
- It also received the 2022 Moneyfacts “Best Online Savings Provider” award.
Discover Charter Savings Bank 2024
Features and Services of Charter Savings Bank
Charter Savings Bank provides flexible savings options. Its Easy Access Accounts allow deposits between £5,000 and £1,000,000 with daily interest and penalty-free withdrawals. Fixed Rate Bonds offer higher interest on deposits locked for terms from 1 to 5 years, without early withdrawals.
Notice Accounts require a set notice period before withdrawals, balancing access with rates. Tax-free ISA savings accounts are also available. The bank operates entirely online, ensuring account management through a user-friendly platform. FSCS protection guarantees up to £85,000 per account, providing security for deposits, and the bank holds approvals from both the FCA and Prudential Regulation Authority.
Pros of Charter Savings Bank
Charter Savings Bank attracts customers with competitive interest rates across its accounts, a straightforward online application process, and FSCS-backed deposit protection. Minimum deposit requirements are low for easy account access, and customers report high satisfaction with the platform’s ease of use.
Cons of Charter Savings Bank
As an online-only bank, Charter lacks physical branches and offers no mobile app, potentially limiting access for some users. Additionally, early withdrawals from fixed-rate bonds incur penalties, which may affect flexibility. The product range is savings-focused, and customers needing current accounts or more financial planning support may look elsewhere. Limited features for face-to-face support may also deter some users.
Customer Reviews of Charter Savings Bank
Customer reviews for Charter Savings Bank highlight its competitive rates, user-friendly website, and efficient services. Positive reviews cite the simplicity of the online application process and the helpfulness of customer service. However, some users note challenges, particularly with the bank’s flexibility around funds transfer. Criticisms also center on occasional slow responses from customer service.
Charter Savings Bank 2024 Final Verdict
Experts suggest Charter Savings Bank as a solid choice for savers seeking competitive, fixed-term returns. They recommend considering Easy Access Accounts for flexibility, Fixed Rate Bonds for higher but locked-in rates, and ISAs for tax benefits. For users planning savings with predictable needs, Notice Accounts can balance flexibility with returns.
Advisors highlight the need for clarity on withdrawal terms and suggest customers check current rates, which can shift. Financial guidance emphasizes FSCS protection for security, though users with diverse banking needs may prefer providers offering broader services. Experts encourage reviewing individual banking goals to match the best account type.
Social Media Links
- ⓕ(https://www.facebook.com/CharterSavingsBank/)
- 🐦(https://x.com/CharterSavings)
- 💼(https://www.linkedin.com/company/charter-savings-bank)