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Fixed rate bonds last offered this rate in November; it’s the highest rate for a one year bond in over 13 years.
Turkish bank Isbank increased the rate on its one, two, three, four, five, and seven year fixed rate bonds to 5% gross today. This rate can only be accessed through Raisin – a savings platform – and it is the first time since November that a fixed rate bond has been available at this rate of interest.
Rachel Springall, Finance Expert at Moneyfactscompare, explained that the latest raft of savings rates hikes was due to the Bank of England’s successive base rate increases and increased competition from providers in the market.
“Compared to a year ago, savers can get a return of almost 3% more on the top one-year fixed bond,” she said.
As of 1 November, Gatehouse Bank offered the best rate of 5.10% gross on its five year fixed Woodland Saver. This bond was withdrawn from the market on 11 November.
Meanwhile, the last time a one year fixed rate bond offered 5% AER was in November 2009. This was from Indian provider ICICI Bank, who also offered a rate of 5.10%.
Isbank’s bonds pay the 5% AER yearly on deposits of £1,000 or more.
However, you’ll need to consider your initial deposit carefully as further addition aren’t allowed and there is no way to access your funds until maturity.
While applications for any of these accounts need to take place online, there are a range of ways to manage your funds. You can manage your accounts online, via the post, or telephone.
It is uncertain whether other providers will follow suit and offer their fixed rate bonds at 5.00% gross.
So make sure to regularly visit our website for the latest trends in the savings market.
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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 Any products featured may be withdrawn by their provider or changed at any time.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.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a one-year ISA paying 5.26% AER, and a five-year fixed rate mortgage at 4.49%.
Each week the Moneyfactscompare.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
Metro Bank and Ulster Bank continue to offer some of the highest easy access rates this week, but there are new entries across the sectors.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
Changes at the top of the charts for fixed and notice accounts, with best easy access rates staying the same.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a one-year ISA paying 5.26% AER, and a five-year fixed rate mortgage at 4.49%.
Each week the Moneyfactscompare.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
Metro Bank and Ulster Bank continue to offer some of the highest easy access rates this week, but there are new entries across the sectors.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
Changes at the top of the charts for fixed and notice accounts, with best easy access rates staying the same.
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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.
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.
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.
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.
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.