We are often asked for more information on various savings providers that are less well-known or new to the savings market. In this regular series of articles, we aim to turn the spotlight on these providers to give you more information about their background and history and why they are of particular interest in today’s savings market.
We hope that you find this information useful and as always, if you have any feedback or suggestions as to who should appear in a future article, please let us know.
The provider chosen this time is the 2018 winner of our coveted Award for Customer Service and one that regularly features in a number of our best buys tables – United Trust Bank.
This is an ideal opportunity to find out more about a provider that has been recognised for excellent customer service and is often competing at the top of the savings market. Meanwhile, remember to keep an eye out for features on other award winners throughout the year.
Whilst some savers may be unfamiliar with the name, United Trust Bank actually has a history stretching back for more than sixty years, having been founded in 1955. Interestingly, the provider has gone through a number of name changes in that time, starting off as Eagil Trust Co. Limited and finally changing to its current name in 2004.
United Trust Bank describes itself as an entrepreneurial and pragmatic specialist lender with divisions that specialise in areas such as asset finance, professional loans, bridging finance, development finance, specialised mortgages and structured finance, in addition to the deposits that it provides for personal, business and charity customers.
The bank is located in Ropemaker Street in the eastern central area of London and has a contact centre based at its offices. The provider allows some of its accounts to be opened by post, rather than just online like many other providers in the current savings market.
Most importantly, United Trust Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). In addition, United Trust 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.
For more information on the FSCS, please take a look at our handy guide or call us on 0800 321 3581 to speak to one of our expert savings advisers.
Today’s Savings Market
United Trust Bank regularly features in our best buy tables in a variety of different categories and beyond this, the provider has a number of other competitive accounts to choose from.
One of the most interesting aspects of United Trust Bank’s savings range is the number of different customers and needs that the provider caters for. It allows accounts to be opened under Power of Attorney and Court of Protection Deputyship, for different types of businesses, as well as for pension funds and trusts and also for registered charities. This should be commended as, for some of these groups and needs, accounts can be difficult to find and open.
The most eye-catching of the provider’s current range is its five year fixed rate cash ISA, which pays a market-leading rate of 2.20% tax free/AER. This account only allows transfers in from previous ISAs but could be ideal for those looking for a longer term new home for their ISA funds.
Also noteworthy at the present time is the provider’s three year fixed rate bond (2.20% gross/AER), which is in joint second position, beaten only by Vanquis Bank (2.22% gross/AER). Also competitive is the provider’s 100 day notice account (1.45% gross/AER), which compares well with the top rates on the market.
To compare these accounts to the rest of the market and for more information on alternatives, take a look at our Best Buy Tables.
Application Process and Customer Service
You can apply for the fixed rate bonds and notice account offered by United Trust Bank online, whereas the fixed rate cash ISAs are applied for via the post.
As mentioned in the introduction, United Trust Bank received plaudits for its application process and customer service, recognised in our 2018 Award for Customer Service.
The online application process is straightforward and the application form is easy to understand. In addition, we have always found them to be extremely helpful and it is easy to contact them and speak to a knowledgeable staff member.
We certainly have not been made aware of any negative experiences from any of 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 get in touch to 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 High Interest Current Accounts, you cannot rely on the larger brands and high street names to offer the best interest rates.
Providers like United Trust Bank and other less well-known providers 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 in future.
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! Please contact us at [email protected] to share your experiences.