Top savings rates are falling, but signing up to a platform could boost your interest

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Interest rates on the best fixed savings deals have fallen in recent weeks, after hitting an all-time high in more than a decade.

At the beginning of this month, the best one-year interest rates stood at 4.65 percent. Now the best deal pays just 4.36 percent.

The best two-year, three-year, and five-year fixes were up to 5 percent or even higher. Now the best two-year fix pays 4.81 percent, the best three-year fix pays 4.85 percent, and the best five-year fix pays 4.9 percent.

In uncertain times, it may be wise to prioritize your financial resilience before locking up your money.

Now or never? Fixed rate savings seem to have reached the end of their upward trajectory – at least for now

Experts are urging savers who may have been on the fence, expecting savings rates to rise further, to get the best deals while they can.

Rachel Springall, financial expert at Moneyfacts, said: ‘Savers will find that providers have revised their leading spot interest rates in recent weeks, with notable focus on fixed income bonds.

“Since the last inflation announcement, some of the best fixed income bonds have seen downgrades, but further adjustments could follow.”

Springall added: ‘Savers may need to act quickly if they want to take advantage of the current rates on offer.

Those savers who are willing to lock up their money for a year will find that the top rate is significantly higher than last year’s top deal, namely 1.35 percent.

“Since last year, there have been notable improvements in longer-dated fixed bonds.”

– Find the best fixed rate savings deals on our independent best-buy tables

How to use a savings platform and get a cash bonus

One way for savers to find the best fixed rate deals is by using savings platforms.

These platforms allow savers to sign up in one place and manage accounts at different banks. It means they can exchange money between providers and get the best rates with less administration.

Going Online: While savings platforms don't have every account on the market, they usually offer some of the best deals out there

Going Online: While savings platforms don't have every account on the market, they usually offer some of the best deals out there

Going Online: While savings platforms don’t have every account on the market, they usually offer some of the best deals out there

Platforms such as Hargreaves Lansdown and Raisin UK currently offer some of these top rates. Both are free to use and both currently offer cash bonuses for joining.

Savers sign up Hargreaves Lansdown’s platform, Active Savings* can earn up to £100 as a cash bonus for the first time. However, they need to be quick as the offer expires at the end of the month.

The amount cashback savers receive depends on how much they deposit. For example, those who put in £10,000 will secure £20, while those who put in £80,000 will receive £100.

The Hargreaves Lansdown platform is offering tiered cashback to new members until the end of this month

The Hargreaves Lansdown platform is offering tiered cashback to new members until the end of this month

The Hargreaves Lansdown platform is offering tiered cashback to new members until the end of this month

Best two-year fix on the Hargreaves platform pays 2.75 percent, and the best five-year deal pays 4.9 percent* – in line with the best deals in the wider market.

However, by counting the cash bonus in addition to the interest they earn, savers actually get an even better deal.

For example, £10,000 in the best two-year fixed rate deal paying 2.75 per cent is effectively increased to 2.85 per cent with the £20 bonus added.

Raisin UK, another free savings platform, is currently offering a £30 welcome bonus to This is Money readers who open a new Raisin Account via this link* or a link from our website.

It offers savers the chance to increase their savings by £30 when they open an account on the marketplace with a minimum of £10,000.

To be best fix for a year pays 4.36 percent*, to be best fix for two years pays 4.75*, the best three-year-old pays 4.85 percent* and the best five-year offers 4.9 percent* – all in line with the best rates you can get in the wider market.

Someone saving £10,000 in Raisin’s best one-year deal can effectively secure an interest rate of 4.66 per cent, once the £30 bonus is included.

Do I have to register with a savings platform?

Cash on savings platforms currently represents less than 1 percent of all UK savings, according to savings website The Savings Guru.

However, savings platforms arguably simplify the process for savers by helping them keep track of their accounts more easily and move money faster.

They may not always offer the very best rates on the market, but they allow customers to manage multiple accounts in one place.

It means savers can open multiple savings accounts with numerous different banks through a single online account as and when they need, without the usual form filling and administration.

For those with large amounts of savings, another key advantage of using a savings platform is that they can spread the FSCS protection given to each individual banking license.

The Financial Services Compensation Scheme (FSCS) is the UK’s deposit guarantee scheme, offering protection of up to £85,000 per person or £170,000 in the case of joint accounts, with any eligible bank or building society they sign up to.

By giving savers access to more than one provider, savings platforms allow them to spread FSCS protection across their multiple assets without having to apply for separate accounts with each bank.

For example, if they saved with six different banks, all covered by the FSCS, they would be protected up to £85,000 in each account – despite any additional funds they could hold separately with the bank outside the platform.

At the moment there are only a handful of savings platforms.

Raisin and Hargreaves Lansdown rivals include tiling, AJ Bell’s Cash Savings Huband Aviva saves.

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