The accounts, available from today, will focus on meeting the needs of those saving for both the short and long term, and those seeking a regular income from their savings.
Charter Savings Bank offers three core savings account types: Easy Access, Notice and Fixed Rate Bonds, for deposits from £1,000 to £250,000.
Savers have the ability to pay in and withdraw funds at any time with no notice and no penalties.
Charter Savings bank's range of Fixed Rate Bonds (1,2,3,4 and 5 years) ranging from 1.80% AER up to 2.50% AER, allow customers to lock away their funds whilst knowing what interest they will receive.
All accounts are available with monthly or annual interest payments, giving savers the option to draw a regular income from their savings.
The bank announced approval of its banking licence by the Prudential Regulation Authority in January 2015.
The Bank joins a small group of challenger brands who have recently moved into the retail banking space at a time when savers are suffering from a lack of options from high street banks.
Charter Savings Bank says it will bring a straightforward, transparent savings solution for a discerning customer base which is currently struggling to achieve its financial goals. The online and telephone based proposition, which removes the cost associated with a physical presence on the high street, is set to launch in early 2015.
The new Bank is covered by the Financial Services Compensation Scheme, the UK's deposit protection scheme, which guarantees eligible customers’ deposits up to a total of £85,000.
Ian Lonergan Chief Executive Officer of Charter Savings Bank commented:
“When we launched Charter Savings Bank our vision was simple: to create straightforward savings accounts with competitive rates, backed by reliable service, to help savers meet their financial goals. We know a significant number of savers are struggling to achieve good returns on their savings in today’s economic climate, but we are confident that our accounts will provide a better deal for customers.”
Paul Whitlock Director of Savings Charter Savings Bank:
“We’re proud of our core products which aim to provide a portfolio of saving accounts with something for everyone, whether they need access to their funds straightaway or if they want to put them away for a longer term. Increased choice from banks will benefit consumers, not just in price, but also in the service they receive.”
