Bank Chetwood introduces competitively priced savings accounts with fixed rates over durations of 3 months and 6 months
Chetwood Bank has expanded its savings offering with the launch of two new Fixed Rate savings accounts, offering terms of 3 months and 6 months. These accounts aim to provide clarity, fair value, and reliable returns, with the Annual Equivalent Rate (AER) used to illustrate the interest rate.
The 3-month Fixed Rate savings account comes with an AER of 4.33%, while the 6-month account offers a slightly higher rate of 4.50%. Both accounts are fully online, pay interest from day one, and are protected up to £85,000 under the Financial Services Compensation Scheme (FSCS). There is no cooling-off period, and withdrawals are not allowed during the fixed term.
Chetwood Bank's Fixed Rate savings accounts cater to both short-term goals and long-term financial planning. The new offerings form part of Chetwood Bank’s broader Fixed Rate savings range, which spans from three months to five years.
Ben Mitchell, Director of Savings at Chetwood Bank, commented on the expansion of their savings offering, saying, "We're delighted to introduce these new Fixed Rate savings accounts. They are designed to work hard from day one, providing our customers with the peace of mind that their savings are growing at a competitive rate."
Comparison with Other UK Fixed Rate Savings Accounts
The new Chetwood Bank accounts stand out for their high interest rates and simple, no-complexity terms, making them attractive for savers seeking fixed, reliable returns over 3 to 6 months without access during the term.
While other UK providers often offer higher rates for longer fixed terms (1 year and above), Chetwood’s rates are competitive or above average for the short duration. However, if savers want more flexibility such as early access or the ability to make additional deposits, other providers may offer more options but often at the cost of lower rates or penalties.
Summary Table of Key Points
| Feature | Chetwood Bank 3-month | Chetwood Bank 6-month | Typical 3-year Fixed Rate (others) | |--------------------------------|-----------------------|----------------------|------------------------------------| | Interest Rate (AER) | 4.33% | 4.50% | ~4.40% | | Withdrawals Allowed | No | No | Usually no / possible with penalty | | Interest Paid From Day One | Yes | Yes | Varies | | Account Management | Online only | Online only | Online / telephone / mobile | | FSCS Protection | £85,000 | £85,000 | £85,000 | | Cooling-off Period | None | None | Varies |
In conclusion, for savers focused on short-term fixed savings with a high guaranteed rate and no withdrawals, Chetwood’s new 3-month and 6-month Fixed Rate accounts represent a strong proposition within the UK market as of July 2025.
[1] Source: Chetwood Bank press release, July 2025 [2] Source: Moneyfacts, July 2025 [3] Source: Vanquis Bank, Castle Trust Bank, July 2025 [4] Source: DF Capital, GB Bank, JN Bank UK, July 2025
Personal-finance enthusiasts seeking reliable returns on their savings, especially within short-term and medium-term periods, might find the new Fixed Rate savings accounts from Chetwood Bank appealing. The bank has introduced accounts with terms of 3 months and 6 months, offering competitive AERs of 4.33% and 4.50% respectively.
