Which? Money provides its weekly look at the best savings deals currently available to help you deposit your cash in the right account.
Rates on five-year fixed-rate savings bonds reach 3%
Over the last couple of weeks we’ve seen an interesting battle for the top-spot of the five-year fixed rate bond table. Just a day after Tesco Bank launched its market leading five-year deal (paying 2.95%), Shawbrook Bank bumped it to second place in the table with its new account paying 3.00%.
However, that was short-lived as Secure Trust Bank has usurped Shawbrook’s lead with its brand new account, paying just 0.01% more, at 3.01%.
Although it’s good to see banks competing for the top spot by offering savers better rates, it’s still worth remembering that tying up your money for such a long period may not always the best option as rates are still low and you could miss out on more attractive offerings if the interest rates increase over the next five years.
Best fixed rate savings accounts on the market
As savings rates are volatile, we highlight the top fixed-rate savings accounts for you.
Britannia sits at the top of the one-year fixed rate savings table this week, paying 2.03% and also leads the two-year fixed rate table, at 2.21%. ICICI Bank’s HiSave Fixed Rate account offers the best three-year deal, paying 2.55%.
If you’re able to tie your money up for longer, say four years – Tesco Bank’s Fixed Rate Saver offers the best rate, at 2.65% from initial deposits of £2,000.
Find more Best Rate products
- Best Rate savings accounts – to find the best instant, notice and one to five-year fixed rate accounts.
- Best Rate cash Isas – to find the best tax-free instant, notice or fixed rate cash Isa deals.
- 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.