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Digital first bank – Monument – launches 2-year and 5-year fixed term deposit accounts
In light of the continued concerns around inflation, Monument has launched new 2-year and 5-year fixed term deposit accounts offering 2.95% and 3.05% gross interest respectively, which are currently ranked second in the best buy tables.
Accessible via its app, both products are available immediately and details of Monument’s current range of savings products, eligibility, and terms and conditions can be found on the website www.monument.co. Depositors must hold a minimum balance of £25,000 with Monument across all savings accounts they have at any time.
Savers will benefit from Monument’s loyalty rates if they choose to open a new fixed term deposit account at the end of the term. Given the nature of fixed-term deposit accounts, interest rates are fixed throughout the term of the deposit and savers will be unable to access their funds during the term.
Commenting on the products’ launch John Saunders, Chief Commercial Officer, Monument said: “We’re pleased to be introducing our new fixed term deposit accounts to the market, offering competitive rates for savers who wish to make their money work harder for them. Fixed term deposit accounts are ideal to complement longer-term savings goals – such as saving for a wedding or a new home – and allows savers to benefit from higher interest rates than those typically offered by easy access accounts, and make their money go further.”
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