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Savers have a bunch of new best buy deals to choose from after a number of providers upped rates in the last 24 hours.
Savings and investment app, Chip*, upped its instant access from 3.71 per cent to 3.82 per cent on balances up to £85,000.
All money deposited in Chip’s deal is held by ClearBank, and is eligible for the Financial Services Compensation Scheme up to £85,000 per person.
After 12 months, someone stashing £10,000 into this account would earn £382 if the rate remains the same.
New best buy: The savings and investment app, Chip, upped its instant access from 3.71 per cent to 3.82 per cent on balances up to £85,000.
Fixed-rate savings have also improved over the past 24 hours with Investec and SmartSave Bank launching market leading deals.
Both banks are now offering one-year fixed rate deals paying 5 per cent. Someone stashing £10,000 in either account could earn £500 interest over the 12 month term.
Longer term fixed rate deals don’t currently pay any more at present. But savers can still get up to 5 per cent when fixing for longer.
However, there is one route where savers can do better. Hargreaves Lansdown’s savings platform, Active Savings is currently offering 5.15 per cent* on its best two-year fix, courtesy of Investec.
Investec is also offering a three-year fix paying 5.18 per cent via the Hargreaves Lansdown platform.
Savings platform, Raisin, also has a bank on its platform offering six savings deals – all paying 5 per cent*, with deposits fully protected by the UK’s deposit guarantee scheme, up to £85,000 per person.
The bank at the heart of it all, Işbank, is offering the six deals aimed at savers looking to fix between one and seven years.
Someone depositing £10,000 into its five-year fix paying 5 per cent could earn £2,500 in interest during the five year term.
There has also been some improvement in cash Isa rates in recent days.
Those who are looking for a fixed rate cash Isa in order to shield the interest they earn from the taxman may want to consider Paragon Bank, which is offering a one-year and two-year deal deal paying 4.4 per cent.
There are a host of other providers also paying similar levels. Check out the best cash Isa rates here.
