Oval, the European automated savings platform and investment marketplace, has today launched the highest interest-earning fixed-rate savings bond in the UK. The new ‘Oval FixedRate’ guarantees users an interest rate of 2.5% for a one-year term with no fees attached.
Oval customers can invest as little as £100 into the product, there is no limit to the size of investment and there are no fees or charges. Interest is paid upon maturity on 5th May 2020 and deposits must be made before a 5th May 2019 deadline.
The fixed-rate investment product has been developed to reward savers and is transparent, easy-to-use and offers the highest rate of return in the market. The savings bond is available through Oval’s investment marketplace, which launched in June 2018 and already offers three ethically-focused investment funds, allowing investors to support companies with women board members, flexible working practices, and socially-conscious brands. Oval plans to launch more fixed-rate products over the next six months.
Unique in the market, this one-year Oval FixedRate is a flexible product which allows customers to redeem their funds at any time after 60-days, for a fee of 1.95%. All investments benefit from the Financial Services Compensation Scheme which protects up to £85,000.
Benedetta Arese Lucini, CEO and founder of Oval said: “With interest rates at near-historic lows, UK savers are more likely to see their savings eroding from inflation than growing from interest payments. We asked our rapidly growing community of Oval investment marketplace users what they would most like to see in a new investment product. Their answer: a low-risk, fixed interest savings product.”
“At Oval, we want to help our customers achieve their savings goals. We designed the Oval FixedRate to be easy-to-use, transparent, and, over all, rewarding. Once again, it pays to save.”
The UK announcement of the Oval FixedRate closely follows the second anniversary of the smart financial platform’s launch on 4 April 2017. Oval is celebrating its anniversary by unveiling a global re-branding which reflects the widened scope of its business and its broader vision.
Oval’s founders are tackling the poor savings culture that has become endemic in the UK. Almost 10 million households in the UK have no savings. The number increased by 340,000 in 2017. A further 3.26 million household keep savings of less than £1,500.
In 2018, Oval partnered with Cirdan Capital Management, the FCA regulated investment management company, to design and distribute products for the European market that can better fit the needs of a younger generation. They are designed to be flexible, transparent in fees and also themed around important ethical concerns of this generation. The Oval FixedRate is another example of Oval and Cirdan working together to create a product that meets a clearly unmatched need by the traditional financial services providers today. In October of the same year, Oval successfully closed a Series A funding round led by Italian banking group Intesa Sanpaolo.
To open an Oval FixedRate visit www.ovalmoney.com or download the Oval app for iOS and Android.