Best fixed rate hits 6% gross for the first time since 2008

The deal is offered by Investec Bank plc but is only accessed via Raisin.  

Investec Bank plc increased the rate on its three year fixed rate to 6.00% gross today. The account is only offered through Raisin UK, a savings platform, and is the first time a fixed rate has hit this benchmark since November 2008.

This was the year of the financial crisis, and that November there was a one year fixed rate bond which offered 7.10%, according to Moneyfacts’ data.

In addition, just one month prior there was a three year fixed rate bond which offered 7.22%.

Currently, the average three year fixed rate sits at 4.45%.

Investec Bank plc’s account must be opened online via the Raisin platform and requires at least £1,000 to start earning interest. This means, based on Moneyfactscompare.co.uk calculations, the minimum deposit would earn £191 in interest on maturity.

It is worth noting, however, that further additions aren’t allowed and neither is early access to your funds.

Whether one of Investec Bank plc’s competitors will match its rate remains to be seen.

At the time of writing Ahli United Bank (UK) plc offers the next best fixed rate offer on the market at 5.70%. This is a one year fixed rate account which is also only available through Raisin UK.

For accounts which aren’t through the savings platform, United Trust Bank provides the top rate in the sector at 5.55%. This is a 15 month bond which needs a minimum deposit of £5,000.