Cater Allen launches new two-year term deposit

Cater Allen, part of the Santander Group, has launched a new two-year term deposit for businesses and other organisations, paying a highly competitive 3.00 per cent gross/AER.

The rate is fixed and is available to both new and existing clients who have a minimum deposit of £50,000. Clients can choose to have their interest paid out annually or at maturity, and interest will be paid gross as the product is a qualifying time deposit.

Customers can apply by visiting caterallen.co.uk/toptier. The new term deposit, which is available until 31 December, does not allow withdrawals or further deposits during the term.

IFA commission of 0.1 per cent is available on the amount invested into the account.

Jackie Brown, Head of Banking and Savings at Cater Allen, said: "Our new two-year term deposit is designed to appeal to clients looking for a fixed rate of interest and the security provided by a guaranteed return. Offering a highly competitive rate of 3.00 per cent, we expect there to be strong demand for this new term deposit. Furthermore, all Cater Allen deposits are fully and unconditionally guaranteed by Santander UK plc."