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With inflation rising to 1.5% in April, savers will be disappointed to see that, despite some higher rates entering the charts, just one seven year fixed rate bond that pays interest on maturity can currently beat the rate of inflation. As well as this, although saving rates have picked up over the last couple of weeks, there is uncertainty about whether rates will continue to rise, especially with the Bank of England base rate currently holding at 0.1%. As such, savers looking to get the best rates should consider acting quickly as providers can withdraw or reduce rates at any time.
Topping the fixed rate bond chart overall this week was Gatehouse Bank, which pays an expected profit rate of 1.40% gross on anniversary on its Fixed Term Green Saver. To open this account, a £1,000 minimum deposit is needed. It has the incentive of Gatehouse Bank planting a tree in a UK woodland when the account is opened and funded. The account must be opened and managed online.
Topping both the three and two year fixed rate bond charts this week was Zopa, which pays 1.00% gross on its 3 Year Fixed Term Savings account and 0.89% gross on its 2 Year Fixed Term Savings account. Although interest is paid monthly on these accounts, it is only available on maturity. Both accounts require a £1,000 minimum opening deposit. They must be opened online but can then be managed online and via mobile app.
The best rate in the fixed rate savings chart overall came from Gatehouse Bank, with its Fixed Term Green Saver paying an expected profit rate of 1.40% gross on anniversary on a five-year term. This account requires a £1,000 minimum deposit to open. It has the incentive of Gatehouse Bank planting a tree in a UK woodland when the account is opened and funded. It must be opened and managed online.
New to the top of the three year fixed rate bond chart this week was Zopa’s 3 Year Fixed Term Savings account, which pays 0.99% gross monthly, although savers should note that interest is only available on maturity. To open this account, a £1,000 minimum deposit is needed. It must be opened online and can then be managed online and via mobile app.