How to bag a best buy two-year fixed savings rate of 5.18%
Simple trick to get your hands on a best buy two-year fixed savings rate of 5.18% as Chip, Investec and SmartSave boost deals
- App-based chip increases easy access percentage to 3.82%
- Investec and SmartSave Bank are now offering one-year fixes that pay 5%
- Savers can get up to 5.18% when they use Active saving* by Hargreaves Lansdown
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Savers have a bunch of new best-buy deals to choose from after a number of providers raised rates in the past 24 hours.
savings and investment app, chip*increased direct access from 3.71 per cent to 3.82 per cent for credits up to £85,000.
All money deposited into Chip’s deal is held by ClearBank and is eligible for the Financial Services Compensation Scheme up to £85,000 per person.
After 12 months, someone who deposits £10,000 into this account would earn £382 if the rate remains the same.
New best buy: The savings and investment app, Chip, increased instant access from 3.71 per cent to 3.82 per cent on balances up to £85,000.
Fixed rate savings have also improved over the past 24 hours with Investec and SmartSave Bank launching market leading deals.
Both banks are now offering one-year, fixed-rate deals that pay 5 percent. Someone who deposits £10,000 in either account can earn £500 in interest over the 12-month term.
Long-term fixed-interest contracts are currently no longer paying out. But savers can still get up to 5 percent if they lock in longer.
However, there is one route where savers can do better. Hargreaves Lansdown savings platform, Active Savings currently offers 5.15 percent* on the best fix for two years, courtesy of Investec.
Investec is also offering a three-year fix with 5.18 percent paid through the Hargreaves Lansdown platform.
Savings platform Raisin also has a bank on its platform offering six savings deals – all paying 5 percent*, with deposits fully protected by the UK Deposit Guarantee Scheme, up to £85,000 per person.
The bank at the heart of it all, Işbank, is offering the six deals aimed at savers looking to fix between one and seven years.
Someone who deposits £10,000 into their five-year fix and pays 5 per cent can earn £2,500 in interest over the five-year term.
There has also been some improvement in Isa cash rates over the past few days.
Those looking for a fixed-rate cash Isa to protect the interest they earn from the taxpayer may want to consider Paragon Bank, which offers a one-year and two-year deal and pays 4.4 percent.
There are plenty of other providers that also pay similar levels. Check out the best cash Isa rates here.