Chetwood Bank savings rates — compare every account, plus switch offers and guides

Who they are

Chetwood Bank launched in Wrexham in 2016 , initially operating as Chetwood Financial Limited before rebranding. It received a restricted banking licence in late 2017, followed by a full UK banking licence in December 2018. It is a digital-only bank - there are no branches, and accounts are managed online or via app.

Elliott Investment Management and the Welsh Government are among its investors. Since 2019, more than £3.5 billion has been deposited with the bank's savings proposition. That is a meaningful track record for a challenger bank, and it suggests savers have been comfortable trusting it with their cash.

Chetwood participates in the Financial Services Compensation Scheme (FSCS) and is authorised and supervised by the FCA. Notably, the FSCS protection limit here is higher than the standard £85,000 - all of the savings accounts listed on this page show protection of up to £120,000 per depositor.

Savings accounts

Chetwood's offering is focused entirely on fixed-rate savings. There are no easy access accounts, no cash ISAs, and no variable-rate products - just a range of terms running from 3 months out to 5 years, all requiring a minimum deposit of £1,000. Every account locks your money away until maturity, so these are best suited to cash you genuinely will not need to touch.

Rates currently sit between 4.15% on the 3 Month Fixed Rate and 5.00% on the 5 Year Fixed Rate Savings account, with a spread of options in between. The 18 Month Fixed Rate Savings sits at 4.90%, the 3 Year Fixed Rate at 4.92%, and the 2 Year Fixed Rate at 4.88%.

One thing worth keeping in mind: interest on some Chetwood accounts is paid at maturity rather than annually. If a large lump sum of interest arrives in a single tax year, it could push you over your Personal Savings Allowance. Worth checking before you open, particularly on longer terms.

Is it right for you?

Chetwood suits savers who want to fix a rate, set it, and forget about it. It does not suit anyone who might need flexible access to their money. There are no switch offers currently available, and no bonus rates to track or expiry dates to worry about - what you see is what you get for the full term.

The higher-than-standard FSCS limit of £120,000 is a genuine plus for those with larger pots looking to consolidate into a single fixed account.

As always, the rates shown on this page reflect the live figures, which change over time - so check them before you apply.