Does YOUR local mortgage provider offer the highest savings rates?

As a member of a housing association, you get access to the best savings interest rates on the market.

Mutualities do everything they can to reward their members with the highest savings interest rates.

Banks on the high street are less likely to reward loyalty and often advertise better offers to attract new customers.

Below you will find some of the best savings interest rates from building associations currently on the market.

Nationwide has an 18-month bond that pays a fixed interest rate of 5.5 percent. You can open this if you were a member on May 22 and are still a member today.

You can deposit up to £10,000, earning £840 in interest at the end of the term. This is better than the best fixed rate savings deals.

However, the company does not offer a tax-free cash Isa version. It only has a one-year account with a lower interest rate of 4.5 per cent.

Skipton Building Society has a one-year members bond at 5 per cent, fixed until 7 August 2025.

You are eligible if you have been a member since June 12 or earlier and have no prior issuance of the bond.

Some of the best savings plans on the market are offered by building associations.

Savings accounts encourage people to put aside a fixed amount each month. If they do this consistently, their interest rate increases.

Skipton Building Society is offering a Member Regular Saver with a 7% interest rate fixed for 12 months. You can save up to £250 per month. This rate is available if you joined on or before 11th January.

If the saver were to deposit the maximum amount of £250 per month into this account, they would earn £113 in interest after 12 months

Nationwide has a regular saver who pays 8 percent.

You can open this, just like the 5.5 percent 18-month bond, if you were a member on May 22 and still are.

You can save up to £200 per month in Nationwide’s regular savings account. You can make up to three withdrawals within 12 months of opening the account.

A saver who deposits a maximum of £200 a month into a Nationwide savings account will earn £104 in interest after 12 months.

Some building societies allow higher monthly deposits for regular savers than the standard £200 to £500.

Market Harborough Building Society has a Member Monthly Saver, which as the name suggests, is only available to members of the building society.

You can deposit up to £3,000 per month and the interest is 3.75%. If you saved the maximum each month, after a year you would have earned £731.25 in interest and have a balance of £36,731.25.

A notice period of 30 days applies.

Does your local building society have a top deal worth mentioning? Contact: editor@thisismoney.co.uk