🔔 Provider Focus - Secure Trust Bank

Secure Trust Bank is one of the more established challenger banks and one that has been competitive in the UK savings market over the last few years. And the bank has recently added a cash ISA to its stable for the first time.

This is an ideal opportunity to find out more about a provider that has been around for quite a while now, but is not necessarily that well known, despite having some competitive rates on offer.

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

Background information

Founded in 1952, Secure Trust Bank is a well-established retail bank and listed on the Main Market of the London Stock Exchange in 2016.  The Bank’s head office and operation is based in the Midlands and the organisation now has over a million customers across the UK, looking after £1.6bn of savings.  Secure Trust Bank CEO, Paul Lynam says that the banks vision is “to build the best bank in Britain” with a mission to offer “straightforward transparent banking”

Secure Trust Bank offers a range of retail and business finance products, including motor and real estate finance and also a range of personal savings accounts, which are the main source of funding for the Bank’s lending. In June this year it launched its first cash ISA to customers, adding to its range of fixed term bonds and notice accounts.

Secure Trust Bank PLC is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Secure Trust Bank PLC 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

Secure Trust Bank has been particularly well-known in the last few years for its range of fixed rate bonds and notice accounts, featuring regularly in both best buy tables. In fact, this year is shaping up to be another great year for customers as the provider has been named the winner of the prestigious Best Savings Provider Award, plus Best Notice Account Provider and Best Fixed Rate Bond Provider, in our 2019 Annual Savings Awards

Because the bank usually offers rates which are either at the top or close to the top of the market, the products can have a short window of availability before being withdrawn. This is standard practice for savings providers when they reach their funding requirements. However, customers usually only have to wait a short time before Secure Trust Bank launches new products.

In the personal savings account market, at the time of writing, the new cash ISA is in pole position in our one-year fixed rate cash ISA best buy table and dominates the notice account market - at the time of writing, it has the best 90 day, 60 day, 45 day and 30 day notice accounts

Secure Trust Bank also frequently appears in the best buy fixed rate bond tables. Although they don't currently have any on offer, it's worth keeping an eye out for their next offerings

For more information on some of the accounts currently available, click on the links below

90 Day Notice Account (28.May.2019) – 1.91% gross/1.92% AER

60 Day Notice Account (13.June.2019) – 1.69% gross/1.70% AER

45 Day Notice Account (13.Jun.2019) – 1.59% gross/1.60% AER

30 Day Notice Account (13.Jun.2019) - 1.49% gross/1.50% AE

For alternatives and to compare the accounts to the rest of the market, please take a look at our Best Buy Tables.

Application process and customer service

You can only apply for accounts with Secure Trust Bank online and there is a relatively low minimum opening balance requirement of £1,000. Whilst online-only applications are common amongst the top savings rates at the moment, this will not suit everyone, so those who do not have access to the internet or prefer not to use it for financial transactions, will have to look elsewhere

That said, the application process appears to be straightforward and we haven’t received much in the way of negative feedback from those that have applied for the accounts. 

The Bank was the first to collect and publish customer feedback obtained through Feefo - the independent global ratings and review provider - on its website.  It currently has a Feefo rating of 4.4 out of 5 and also picked up a Feefo Trusted Award at the beginning of the year. 

We certainly have not been made aware of many negative experiences so far 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 can no longer rely on the larger brands and high street names to offer the best interest rates.

Providers like Secure Trust 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.

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.