The financial journalist continued: “The negative is you can’t withdraw money during the fix.
“So examine how much you could lock away, and for how long (you can have lots of them so different money releases at different times), and leave the rest in easy access.”
Rachel Springall, finance expert at Moneyfacts, said: “One area of the savings market to see notable volatility is one-year fixed rate bonds, and savers will find the top rate deal (2.75 percent) pays more than double that of the top deal a year ago (1.10 percent).
“Fixed bonds and fixed ISAs overall are seeing improvements across all terms, and this competition has been predominantly fuelled by challenger banks jostling for a prominent position to entice savers’ deposits.”