Savings Interest Rates, Switch Offers and Guides for Chetwood Bank

Who they are

Chetwood Bank launched in Wrexham in 2016 , originally trading as Chetwood Financial Limited before rebranding under its current name. It received a restricted banking licence in late 2017 and a full UK banking licence in December 2018. It is a UK-based digital bank - there are no branches, and everything is managed online. Investors include Elliott Investment Management and the Welsh Government. Since 2019, more than £3.5 billion has been deposited with Chetwood's savings proposition. It is a relatively quiet name compared to the bigger challengers, but it has appeared consistently near the top of the fixed-rate tables.

Savings accounts

Chetwood Bank focuses squarely on fixed-rate savings. Every account currently on offer is a fixed-rate bond, with terms ranging from 3 months all the way out to 5 years. There is no easy access account and no Cash ISA - so if flexibility matters to you, this is not the right place to look.

The minimum deposit across all accounts is £1,000. Rates at the time of writing range from 4.15% on the 3 Month Fixed Rate up to 4.81% on the 5 Year Fixed Rate Savings account. The longer terms - 2 Year (4.77%), 3 Year (4.78%), 1 Year (4.65%), and 18 Month (4.70%) - sit closely together, which reflects a market that does not expect rates to move dramatically in either direction over the medium term. None of the accounts allow access before maturity, so you should only commit money you know you will not need during the term.

One thing worth noting: all accounts carry FSCS protection up to £120,000 per depositor - higher than the standard £85,000 limit you see at many banks. That elevated limit is worth factoring in if you are depositing a larger sum.

Is it right for you?

Chetwood Bank is a straightforward choice for savers who want a competitive fixed rate and have no need to touch their money until maturity. The range of terms gives you flexibility at the point of choosing, even if there is none once you are in. The £1,000 minimum is accessible for most people, and the elevated FSCS coverage is a genuine plus for those saving larger amounts.

On the other hand, if you want easy access, a Cash ISA wrapper, or the ability to drip-feed money in each month, you will need to look elsewhere. There is also no current account or switch offer here - Chetwood Bank is purely a savings destination.

Rates change regularly, so use the live figures on this page to see exactly where Chetwood Bank stands right now before you apply.