Best savings accounts: Banks offering customers 4.54% interest rate | Personal Finance | Finance
Moneyfacts.co.uk recently highlighted its ‘Pick of the Week’ which showcases the best products on the market. Two of the best savings accounts for consumers come from the bank SmartSave and Hinckley & Rugby Building Society. This comes amid a wave of interest rates rises following recent intervention from the Bank of England.
SmartSave’s Two Year Fixed Rate Saver pays an interest rate of 4.54 percent AER which is payable on maturity.
It has a notice of two years with a minimum opening amount of £10,000 and a maximum investment amount of £85,000.
Access to this account is not permitted and any further additions are allied for 14 days from its opening.
Those who chose to open the Two Year Fixed Rate Saver can do so online but need to be at least 18 years of age to do so.
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Eleanor Williams, a finance Expert at Moneyfacts.co.uk, shared how this latest product could be beneficial to savers.
She explained: “SmartSave has launched new Fixed Rate Savers this week, including a two-year fixed rate bond option which may tempt those who are happy to lock their nest egg away in order to receive a guaranteed return.
“Open to those with at least £10,000 to invest, this account pays 4.54 pecent on maturity which sees it take the lead position in our top rate tables when compared against other bonds with similar terms currently on the market.
“As may be expected, earlier access to funds is not permitted, so savers need to be happy to commit their cash for the term of the account.
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“But there is a little flexibility to make further additions for 14 days from account opening, which could be a plus for some investors.”
As well as this, Hinckley & Rugby Building Society’s 30 Month Fixed Rate Bond Issue Three has also received praise from financial experts.
This particular savings product has an interest rate of 4.50 percent AER which is payable every year.
The term for this account is 30 months with a minimum opening amount of £5,000 and a maximum investment amount of £300,000.
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Similarly, no access is permitted and no further additions to the 30 Month Fixed Rate Bond are allowed.
Those who chose to open this account can do so via post or by visiting one of the building society’s branches.
Similarly, customers can manage their savings either by post or by visiting one of the branches in person.
There is also no minimum applicant age as the account is managed adult nominee for under-13s.
Ms Williams added: “Hinckley & Rugby Building Society has launched a new 30 Month Fixed Rate Bond this week.
“This new account, paying 4.50 percent yearly, takes a place in the top 10 when compared to other bonds with similar terms.
“This may be an attractive choice for savers happy to secure their savings pot away for the term of the account and who have the required £5,000 minimum investment.
“As is common with many fixed accounts, neither earlier access to funds nor further additions are permitted, so savers need to be happy to secure their nest egg away at the outset.”
