🔔 Arbuthnot widens its appeal with new best buy savings accounts

A name that is perhaps more familiar to high net worth individuals, Arbuthnot Latham has dipped its toe in the savings market – aiming to bring in a wider spectrum of savers.

Savers will notice a new name appearing in our best buy tables, although Arbuthnot Direct is actually the new savings wing of an established private bank

The new brand name has set out its stall by offering two competitive fixed rate bonds – a three year fixed term deposit paying 2.40% gross/AER and a five year fixed term deposit paying 2.50% gross/AER.

The three year account is paying the joint market-leading rate, alongside more regularly featured brands like Aldermore*, ICICI Bank UK*, Masthaven and Tandem.

The five year account pays the third best rate on the market at the moment, level with both PCF Bank and Aldermore*.

>> What are the best fixed rate bond rates?

Accounts can be opened online, with a minimum opening balance of £10,000 – which leaves those savers with smaller amounts to deposit needing to look elsewhere.

Before proceeding, it is always worth considering the history of the provider and the protection in place for any funds deposited with it.

Arbuthnot Direct is a trading name of Arbuthnot Latham & Co., Limited. The bank is part of the Financial Services Compensation Scheme (FSCS), so any funds placed with the provider are protected up to the limit of £85,000 per person.

It is important to note that all eligible deposits with Arbuthnot Latham & Co., Limited and Arbuthnot Direct are in total covered up to £85,000 per person, so those who have funds with the provider already will need to tread carefully, lest they unwittingly exceed the upper limit.

Arbuthnot Latham, the private bank, offers Private and Commercial Banking, Wealth Planning and Investment Management services to high net worth individuals and small and medium enterprises.

Arbuthnot Latham began its journey in 1833 and has been an established part of our savings database since the early days of Savings Champion – although until now has not featured in our best buy tables, as the accounts it offered were not available to all savers.

Arbuthnot Direct is the private bank’s first entirely online offering and, in conjunction with the competitive rates on offer, the provider is clearly looking to appeal to far more savers.

This is another example of a less familiar name, to the majority of savers, offering competitive rates and aiming to win business from the big high street banks. While the provider is offering just two accounts at this early stage, it will be interesting to see what its next moves will be.  

If you need any further help with finding the accounts that are most suitable for your needs, take a look at our independent best buy tables or call us on 0800 011 9705 to speak to one of our expert savings specialists.

*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).

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