Financial analysts Moneyfacts have reported that the average one-year fixed rate bond on Monday was 5.27%, a slight increase from Friday’s rate of 5.26%. Similarly, the average rate for a one-year fixed cash Isa also went up to 5.09%.
As for the top one-year fixed-rate account, Cynergy Bank currently offers the highest rate at 6.04%. Meanwhile, Tesco Bank offers a rate of 5.85% for deposits up to £5m.
For two-year fixes, Recognise Bank offers up to 6.1% on deposits up to £85,000, while Tesco Bank provides a rate of 5.75% on deposits up to £5m.
It’s worth noting that none of these top one or two-year fixed rates can be opened in person, requiring applicants to apply online or over the phone.
Longer-term fixes are currently just below 6%, as lenders are cautious about offering high rates due to market volatility.
If you’re looking for an easy-access savings account, Tandem Bank currently offers the best rate on the market at 5%, but this account can only be opened through their app and requires you to have another account with the bank.
Rachel Springall from Moneyfacts states, “While it’s positive to see rate increases from reputable banks, it’s important for savers to research and compare rates to ensure they’re getting the best return on their savings.”
Last week, Barclays faced criticism for making changes to its customers’ overdraft limits without considering their financial circumstances.
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