Provider Focus – Charter Savings Bank

12th December 2018

As one of the big winners in our 2019 Savings Awards, we felt that this was a great time to provide more details of this key provider in the savings market.

Charter Savings Bank

Charter Savings Bank put in a strong showing in our 2019 awards, winning no less than six awards, including the coveted ‘Best Overall Cash ISA Provider’ accolade.

Currently featuring in several of our best buy tables, this is an ideal time to tell you more about Charter Savings Bank and get your feedback from your own dealings with the provider.

Remember to submit your review to rate Charter Savings Bank and your other providers to help us provide insight for your fellow savers.

>> Find out more about our 2019 Savings Awards


Background Information

Charter Savings Bank was launched in March 2015 and is based in Wolverhampton. The bank is part of Charter Court Financial Services (CCFS), a specialist financial services business that was founded in 2008.

CCFS is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).

In addition, Charter Savings Bank is a member of the Financial Services Compensation Scheme (FSCS), so funds placed with the provider would be covered up to £85,000 per person, should the provider go out of business.

>> Check the FSCS licence information for your bank or building society


Today’s Savings Market

Since its launch in 2015, Charter Savings Bank has featured on a regular basis within our best buy tables and offers consistently competitive rates in a range of different categories.

At the present time, the provider’s one year fixed rate bond features in our fixed rate bond best buy table, paying a competitive rate of 2.01% gross/AER.

>> Take a look at our fixed rate bond best buys

The provider also features at the top end of the variable rate cash ISA market, with its 95 day notice cash ISA (1.45% tax free/AER) an almost permanent fixture in the table over the last few months.

>> More top-paying variable rate cash ISAs

For alternatives and to compare the accounts to the rest of the market, don’t forget to take a look at our independent best buy tables.

>> Independent, unbiased best buy tables


Application Process and Customer Service

From the start, Charter Savings Bank was an online-only provider, with savers needing to be comfortable with this channel in order to take advantage of the rates on offer.

However, since the end of November 2018, the provider started also accepting postal applications for its fixed rate bond range – encouraging signs that the provider is looking to cater for those less inclined to apply for and manage accounts online.

While this option is not yet available for the provider’s other accounts, such as the variable rate cash ISA mentioned above, it may be worth keeping an eye out to see if Charter extends this option to its full range.

Whichever option you choose, the application process is straightforward and we have not been made aware of any negative experiences from our clients or from our own dealings with the provider.

Of course, as mentioned earlier, your thoughts and experiences about providers’ customer service are invaluable for us, so please share any feedback you have. 


A final word…

It is tempting to stick to the well-known brands when it comes to savings accounts, but in doing so, you may be missing out on some of the best rates on the market.

Whilst there are some exceptions, for example Interest-paying current accounts, you can no longer rely on the larger brands and high street names to offer the best interest rates.

Providers like Charter Savings Bank continue to drive competition in the savings market and offer some of the best rates available at the moment. The best strategy is to look at all options and take each provider on its own merits, considering alternative providers to get the best returns for your money. As long as you do your research (or ask us for more information!) and are comfortable with the provider, there is no reason not to consider them.

As mentioned earlier, if there is a provider that you would like to see featured in a future article, please let us know. We are also keen to hear from you if you have any feedback about any provider’s customer service, good or bad! Submit your review here and help us provide insight for your fellow savers.

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