One-year fixed rate savings.26 Apr 2022 08:56
One-year fixed rate savings deals have hit the highest levels seen for three years after six providers upped rates to pay 2 per cent or more.
Savers prepared to lock away their cash for 12 months can now secure a rate more than three times the level they could have last year.
Al-Rayan Bank leads the way with a 2.11 per cent rate for its one-year account.
Someone stashing £10,000 in either account could expect to see a return of £211 over the course of the year.
Kent Reliance and Charter Savings Bank, both owned by One Savings Bank, are offering savers 2.05 per cent on either platform, while Investec is too.
They are closely followed by Gatehouse Bank and Cynergy Bank, which are both paying 2 per cent.
Personally I would rather take my chances on the market than tie up funds for 12 months, but it's part of an overall strategy for some.
Lloyds doesn't come anywhere near this, but it's not a savings bank, is it?