Get a fixed savings rate of 6.34% for one year with this simple trick… and beat the best NS&I deal

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Savers can beat National Savings and Investments’ best one-year fixed rate deal by opening an account with savings platform Raisin.

It offers new customers a new one £25 bonus when signing up for an account*.

Currently, the highest one-year interest rate on the platform is that of Ahli United Bank, which offers an already competitive 6.1 percent.

However, on a balance of £10,000 – the minimum required to qualify for the bonus – this increase works out to a best buy of 6.34 per cent.

This rate beats the top deal on a one-year fixed rate account, offered by National Savings & Investments, which pays 6.2 percent.

NS&I launched the blockbuster deal for its guaranteed growth bonds at the end of last month, which shot to the top of the best buy tables.

Savings experts believed this deal had thrown the best bargains for one-year fixed rate bonds out of balance as no provider would be able to compete with them – and some thought the fixed rate bonds had peaked.

But by getting the £25 sign-up bonus with Raisin, you can get an even better rate on a one-year fixed rate account. If inflation falls at the next reading, this savings rate could get a boost.

An account must be at least £10,000 and the bonus will be paid out 14 days afterwards.

MoneyComms’ Andrew Hagger says: ‘You can get 6.1 per cent plus £25, so it’s a better deal for £10,000 as you’d get £635 compared to £620 from NS&I – but for anything over £25,000 NS&I gives a better deal. yield.

‘People with large amounts above £85,000 will undoubtedly prefer NS&I as this does not mean the money has to be split between different banks to ensure all funds are protected.’

Raisin says savings on its platforms are protected by the Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000.

As a savings platform, Raisin UK offers access to multiple savings products and banks. It allows savers to manage all their savings through one online app-based account.

On whether savings platforms are a safe place to park your savings, Mr Hagger says: ‘All of Raisin’s UK-based partners are part of the FSCS.

‘This means that if the provider fails, your money is protected up to a value of £85,000, the same as direct investing.

James Blower, founder of Savings Guru says: ‘Savings platforms are good for both savers who want to spread their money across multiple providers, maximizing FSCS protection, but without having to open a new account with each bank every time.

“They can open a single account with Raisin, or with the other platforms, and access a wealth of providers – some with offers that are better than those readily available and some with providers that are not accessible to regular savers.”

Savers will need to act quickly if they want to lock in this rate as it is only offered until September 25.

To get the bonus, savers must follow suit this Raisin UK link*, where the bonus code must be entered at the time of registration. The bonus will be paid out once the offer criteria are met.

Kevin Mountford, co-founder of Raisin UK, said: ‘It has never been a better time to make the most of savings in Britain.

‘The £25 bonus offer for newly registered customers can be used on all accounts and terms on our website, meaning it is not only better than NS&I’s current one-year fixed account, but also on a range of longer term accounts, where savers can enjoy the benefits will see the most returns in the coming years.

‘Long-term projections show that interest rates will fall as the government tackles and reduces inflation, meaning savers will need to maintain the high interest rates they see now or risk long-term losses.’