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Michael Brown

Acting Editor
Published: 01/06/2023
Putting savings into a jar

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Since last Wednesday, there are now 43 more fixed rate deals which offer 5% gross or more.

The best fixed bonds have mostly increased in rate over the last week as fresh concerns surfaced that interest rates are yet to peak.

This followed worse-than-expected inflation figures from the Office for Nationals Statistics (ONS) last Wednesday.

According to Moneyfacts data, there were seven fixed rate offers which offered 5% gross or more on the morning the ONS released its inflation data. Today, this figure has grown to 50.

In addition, there were 11 providers which offered 5% AER or more last week Friday, according to the Moneyfactscompare.co.uk weekly savings roundup. Since then this number has increased to 14, with the one and two year charts offering some of the best rates across the market.

For example, National Bank of Egypt (UK) Limited through Raisin UK – a savings platform –now offers 5.25% AER for a one year bond.

On the two year chart Tandem Bank also matches this rate with SmartSave following suit at 5.21% AER.

What were some of the best rates last week?

As mentioned in our weekly savings roundup last week, Investec Bank plc’s two year fixed rate through Raisin UK offered 5.15% AER last week Friday.

This was the best rate across the fixed rate market, with SmartSave topping the one year chart at 5.07% AER.

Where to keep up with the best savings rates

Make sure to view our charts for the best savings rates each day. You can also read about these deals in more detail by catching up with our weekly savings roundup. 

What about longer term fixed rates?

Earlier this week, the one year chart entertained the best rates on the market.

This changed yesterday after Tandem Bank upped the rate on its five year fixed deal to 5.35% AER, making it the best fixed rate on the market since 2010.

In comparison, last Friday the best five year fixed rate on the market sat at 5.01% AER.

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Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.