Which? Money provides its weekly look at the best savings deals currently available to help you deposit your cash in the right account.
The best fixed rate savings accounts on the market
Interest rates on fixed term accounts are continuing to fall on a daily basis. We have seen massive drops in the rates offered over recent months, for example, the best four-year fixed rate deal six months ago offered a rate of 4.05%, but today the top account pays just 2.75% – a drop of 1.30%. If you had invested £10,000 in the best four-year fixed rate account six months ago, you would earn around £1,755 in interest at the end of the fixed term compared with £1,161 in the best account available today – a loss of almost £600.
As savings rates are volatile, we highlight the top fixed-rate savings accounts for you.
United Bank UK sit at the top of the one-year fixed rate savings table this week, paying 2.55%. United Bank UK also leads the two-year fixed rate table, at 2.65% and offer the second best rate in the three-year fixed rate table, at 2.75%. If you are able to tie your money up for longer, say five years – Vanquis Bank currently offers the best deal at 3.01% from initial balances of £1,000.
Find more Best Rate products
- Best Rate savings accounts – to find the best instant, notice and one, two, three, four and five-year accounts.
- Best Rate cash Isas – to find the best tax-free instant, notice or fixed rate cash Isa deal.
- Best Rate credit cards – to find the best cards to suit your requirements.
- Top unsecured personal loans – for borrowing £10,000 over 5-years or £5,000 over 3-years.
And finally… boost your savings
To find out if your savings account is paying a competitive interest rate, check out the Which? Savings Rate Booster tool and switch your account for a better deal if necessary.