Since the 11th of March when the Bank of England’s Monetary Policy Committee reduced the base rate for the second time in a single week to an historic low of 0.10%, market average rates have already fallen across all types of deposit account*.
The biggest fall has been in fixed term deposits with one- and two-year rates falling by 5 basis points (bps) and five-year rates falling by 8bps. Notice accounts on average have fallen by 2bps and instant access accounts by 3bps.
Bucking this market trend however are new, exclusive and market-leading rates available to clients through the Flagstone platform.
The market average rate for one-year fixed term deposits has fallen to 1.11% AER/Gross but a market-leading rate of 1.75% AER/Gross is now available to individuals, businesses and charities through Flagstone.
The average notice account rate in the market has dropped to 1.02% AER/Gross, but at 1.80% AER/Gross the 95 Day Notice Account rate exclusively available to clients using the Flagstone platform remains unchanged and continues to be market-leading.
The average market rate for instant access deposit accounts has fallen to 0.53%, but individuals and joint account holders can access a market-leading rate of 1.42% AER Gross on the Flagstone platform, whilst businesses and charities can benefit from a best-in-market rate of 1.40%AER/Gross.
To learn more about Flagstone contact us at BusinessDevelopment@FlagstoneIM.com.
*Source: Moneyfacts - Changes to market average rates calculated between 10/03/20 and 27/3/20