Norwich & Peterborough and Chelsea Building Societies have launched attractive fixed-rate deals as the savings market starts to heat up again.
Update: Chelsea BS has now removed the three- and five-year fixed-rate deals with effect from the close of business on 20th July 2011. When we spoke to the society they said it was because of ‘movements within the market’.
The one-year E-Bond from Norwich & Peterborough and the three and five-year fixed-rate eBonds from Chelsea Building Society go straight into our Best Rate tables for fixed-rate savings products.
Chelsea BS targets long-term savers
Chelsea BS has re-launched online savings bonds that throw down the gauntlet for the rest of the market, with the five-year option beating the next best deal for savers by 0.2%.
Mike Helliwell, savings product manager at Chelsea BS, said: ‘Chelsea Building Society is returning to the online savings market with two competitive eBonds for longer-term investors.
‘More and more people are taking the opportunity to manage their savings online and enjoy the convenience and ease of access this offers.’
Fixed-rate deals will appeal to many
The N&P deal also goes to the very top of the one-year fixed-rate Best Rate table and allows savers to invest up to £1 million.
Paul Davies, savings analyst at Which?, commented: ‘These new deals will add to the extensive range of attractive fixed-rate products currently on the market and appeal to consumers who are looking for a decent return and feel that interest rates will remain low for the foreseeable future.
‘Internet-only offers are very common these days and reward savers happy to manage their money online. There will be penalties if you want to make early withdrawals, so people should think seriously before locking their cash up.’
Which? Money when you need it
You can follow @WhichMoney on Twitter to keep up-to-date with our Best Rates and Recommended Provider product and service reviews.
Sign up for the latest money news, best rates and recommended providers in your newsletter every Friday.
Or for money-saving tips, and news of how what’s going on in the world of finance affects you, join Melanie Dowding and James Daley for the Which? Money weekly money podcast
For daily consumer news, subscribe to the Which? news RSS feed here. And to find out how we work for you on money issues, visit our personal finance campaigns pages.