Charter Savings Bank

Who they are

Charter Savings Bank launched in March 2015, after its parent company obtained a banking licence from the Prudential Regulation Authority - putting it among the first new banks in the UK to be granted one since the 2008 financial crisis.

Today it is part of OSB Group, a specialist lender and savings provider. Within that group, Charter Savings Bank is the retail savings brand, sitting alongside Precise Mortgages and Exact Mortgage Experts.

Charter Savings Bank is a retail savings bank, offering UK customers a choice of online and postal savings accounts, Cash ISAs and bonds - a simple and straightforward way to save, with competitive interest rates supported by excellent service. There are no branches and no current accounts; this is a savings-only operation, managed online.

On protection, all accounts carry FSCS cover. Your eligible deposits held by a UK establishment of Charter Savings Bank are protected up to a total of £120,000 by the Financial Services Compensation Scheme Charter Savings Bank's eligible deposits are protected by the FSCS up to £120,000 per person, per authorised firm (banking licence). One thing worth knowing if you also save with Kent Reliance: Charter Savings Bank sits on a separate banking licence from sister brand Kent Reliance within the same OSB Group, so each gets its own FSCS limit, which is worth knowing if you want to hold a larger pot across the two.

Savings accounts

Charter's range covers the main bases: easy access, fixed-rate bonds, and cash ISAs, both flexible and fixed.

The easy access accounts start from just £1 and pay variable rates - currently 4.25% on the standard Easy Access account and 4.26% on the Easy Access Cash ISA. Neither carries a bonus, which is the key point. What you see is the rate you will actually earn in a year's time without any action on your part.

The fixed-rate bonds require a £5,000 minimum and offer no access until maturity, so they suit money you genuinely will not need to touch. Rates currently run from 4.82% for a 1 Year Fixed Rate Bond up to 4.95% for the 3 Year Fixed Rate Bond. Fixed Cash ISAs follow the same pattern - from 4.77% over one year to 4.96% over three years, again with a £5,000 minimum.

All rates are variable accounts may change at any time. The live figures shown on this page are always your most reliable guide.

Is it right for you?

Charter suits savers who are tired of chasing bonus rates that quietly expire after 12 months. Charter suits straightforward savers who want honest, bonus-free rates and no fuss. The easy access accounts accept transfers in and impose no withdrawal limits, which makes them a solid home for ISA money you want to keep flexible.

The fixed bonds are best for a lump sum you genuinely will not need to touch - the rates improve meaningfully as you extend the term, but there is no early access at all. There is no current account here and no switching offer, so if a cash bonus for moving your bank is on your shopping list, Charter is not the place to look.

For anyone transferring old ISA cash and wanting a clean, penalty-free rate without a bonus countdown, the Easy Access Cash ISA is particularly worth considering. Just compare the current rates shown on this page against the rest of the market before you apply - that is always the right first step.