Fixed Rate Savings Items
Brits are putting away billions of pounds into secret savings accounts, according to figures from Santander. Overall, around 17 million people plan on using an ISA throughout this tax year.
A new savings bond has been launched by the Yorkshire Building Society, offering a return of 3.4 per cent. The 18 month bond can be opened with a minimum of £1,000 and savers must be aged 16 or above.
Leeds Building Society has introduced a one year fixed rate bond paying 3.25 per cent AER. The account, which can be opened with £100 upwards, also offers unlimited, penalty-free access to a quarter of the funds at any time.
Research released today suggests that savers prefer fixed rate accounts over a long term period in order to see guaranteed return in a harsh saving climate. The research suggests that this tax year has seen in excess of £30 billion put into cash ISAs around the UK.
Yorkshire Building Society wants to encourage savers to invest their money despite the current low interest rate climate. With this is mind, it has launched competitive new bonds designed to help customers make the most of their cash.
Chelsea Building Society is returning to the online savings market with two new fixed rate eBonds. Longer-term investors can lock their cash away for three years for an annual interest rate of 4.15 per cent gross/AER, or for five years at 4.85 per cent.
The e-bond being offered by Norwich and Peterborough Building Society has taken the top spot in the fixed rate savings market. Despite new products being launched by NatWest and RBS, the N&P 3.55 per cent rate is the best to be offered on a one-year bond for almost 18 months.
There is more good news for savers - as base rate holds at 0.5%, and the ISA deadline passes, many high street banks are upping the rate of return on their savings accounts. Sainsbury's Bank is upping rates and launching new fixed rate accounts.
Nationwide Building Society have launched a new updated Fixed Rate ISA range. The deadline for new ISA account applications is April 5. Brits can invest up to £5,100 this tax year in a tax-free ISA savings account.