Charter Savings Bank

Who they are

Charter Savings Bank is a pure savings bank - no current account, no branches, no app. Founded in Wolverhampton in 2008 as Charter Court Financial Services, it launched the Charter Savings Bank brand in 2015 , becoming one of the first new banks to be granted a licence from the Prudential Regulation Authority since the 2008 financial crisis. It was listed on the London Stock Exchange and was a constituent of the FTSE 250 until it was acquired by OneSavings Bank in October 2019. Today, Charter Savings Bank is part of OSB Group, a specialist lender and savings provider. Sister brands under the same group include Kent Reliance and Precise Mortgages, so it is worth being aware that the group is made up of a family of specialist financial services brands, including Charter Savings Bank and Kent Reliance. If you hold savings with both, they sit under the same group structure - something to keep in mind when thinking about deposit protection limits.

On FSCS, your eligible deposits with Charter Savings Bank are protected up to a total of £120,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. That higher-than-standard limit reflects Charter's position as a deposit-taking bank in its own right - but always verify your specific situation at fscs.org.uk.

Savings accounts

Charter Savings Bank keeps things focused: it offers UK customers a choice of online and postal savings accounts, Cash ISAs and bonds. There is no current account, no packaged product, no extras - just savings rates.

On easy access, our data currently shows Charter Savings Bank at 4.16% AER with no introductory bonus and unlimited withdrawals. That is a meaningful point of difference in a market where several headline rates come with a bonus that disappears after 12 months. You do not need to set a calendar reminder or chase a new deal - the rate you open with is the genuine ongoing rate. It sits a little below some of the top easy access rates available right now, but those higher rates almost all carry a catch. For straightforward, fuss-free access to your money, Charter's offering is honest and competitive.

Charter Savings Bank operates online, without any branches, but does not have an app. Customers open and manage their accounts through the online portal on the Charter Savings Bank website. Setting up accounts is straightforward, and the online banking platform is user-friendly, with customers particularly appreciating the competitive rates and quick account setup process.

Reputation and service

Charter Savings Bank has built a solid track record among everyday savers. It maintains a strong reputation on Trustpilot with a 4-star rating from over 3,000 reviews. Customer service is UK-based, with staff described as friendly and knowledgeable, and the website is clear and easy to navigate. One recurring theme in customer feedback is worth flagging: the easy access account is sometimes relaunched at higher rates for new customers, meaning existing savers who do not keep an eye on new issues can end up on a lower rate - which is fiddly and, frankly, should not be necessary. It is a good habit to log in periodically and check whether a newer issue has launched.

Is it right for you?

Charter Savings Bank suits savers who want a reliable, established name without the complexity of a full banking relationship. There is no current account to open, no switching process to navigate, and no app to download - just a web portal and a savings product. If you value simplicity and a clean rate with no expiry date over chasing the absolute top of the table, Charter is a serious option.

It is not the place to look if you want the single highest rate on the market right now - some competitors are paying more, though often with strings attached. And if you prefer managing money entirely through a mobile app, you will need to look elsewhere.

As always, rates move regularly. Check the live figures shown on this page before you apply - they are updated to reflect what Charter Savings Bank is actually paying today.