Banks and the economy
Banks
Save your UnbelievaBoat money and earn interest, or borrow from one of UKOGB's banks. Every rate follows the Bank of England's Bank Rate, now 4%.
Bank Rate
4%
Set by the Governor of the Bank of England
Saved in the banks
£0
Owed on loans
£0
Compare the banks
| Bank | Easy-access savings | Best fixed term | Cheapest loan | Lowest credit score for a loan |
|---|---|---|---|---|
| Crownmoor Bank High-street bank | 1.50% | 3.00% (30 days) | 7.00% a year | 650 |
| Larkspur Challenger bank | 4.50% | - | 10.00% a year | 580 |
| Thornbury Building Society Building society | 2.50% | 5.50% (60 days) | 5.50% a year | 620 |
| Magpie Credit Specialist lender | 4.00% | 5.00% (7 days) | 22.00% a year | 400 |
Crownmoor Bank
High-street bankThe biggest and steadiest bank in the country. Its savings rates are low, but it has the cheapest large loans for people with a good credit score.
- Cheapest big loans for good credit
- Keeps 40% of savers' money as cash
- A careful investor: only buys shares after a real dip
Larkspur
Challenger bankA new app-only bank. The best easy-access savings rate, money in and out whenever you like, and small, quick loans.
- Best easy-access savings rate
- Instant access, no minimum
- Small loans paid straight away
Thornbury Building Society
Building societyOwned by its members, not shareholders. The best fixed-term savings, long low-rate loans, and a bonus for members who stay.
- Best fixed-term rates
- Long loans at low rates
- Members' bonus: +0.25% on savings after 30 days
Magpie Credit
Specialist lenderLends to people other banks turn away. Money the same day, even with a low credit score, but its loans are expensive.
- Accepts low credit scores
- Money the same day
- Warning: expensive loans
How it works
- Saving moves whole pounds out of your UnbelievaBoat bank into an account at the bank you choose. Interest is added every day; pennies are kept and added once they make a pound.
- Easy-access savings can be taken out at any time and their rate moves with the Bank Rate. Fixed-term savings keep the rate they started with, but the money is locked until the term ends: there is no early withdrawal.
- Loans are decided straight away using your credit score (everyone starts at 600). You see the full cost and the weekly payment before you agree. Payments are taken from your UnbelievaBoat bank every week; missing three in a row means the loan defaults and your score drops hard. You can pay off early and save the interest you haven't reached.
- You can have one loan at each bank, and owe at most £10,000 in all.
- Banks invest some of their spare money in companies on the UKOGB Stock Exchange, by simple rules shown on each bank's page. What the banks and the exchange do feeds into the ONS figures.