Savers switch to easy-access accounts as a staggering ￡13bn floods out of fixed-rate bonds in just one year
- Recently, rates on bonds from building societies and new banks have edged up
- Savers can increase their return if they renew now with a top-paying provider
- Atom Bank pays 1.95% on its account you run over your smartphone or tablet
Savers continue to abandon fixed-rate bonds in favour of easy-access accounts.
The number of savers looking for a fixed-rate deal dropped by almost 10 per cent in the past month, according to research from data monitors Moneyfacts.
Over the past year, a massive ￡13 billion has flowed out of fixed-rate bonds, Bank of England figures show.
Savers continue to abandon fixed-rate bonds in favour of easy-access accounts
Recently, rates on bonds from building societies and new banks have edged up - so those coming to the end of a one-year bond can increase their return if they renew now with a top-paying provider.
This time last year, the best you could do was 1.38 per cent from Charter Savings Bank.?
Now, Atom Bank pays 1.95 per cent on its account you run over your smartphone or tablet, while internet-based Charter Savings Bank pays 1.81 per cent.
Fixed-rate cash Isas continue to lag.?
But this is still an improvement over last year, when the top rate was 0.96 per cent.?
THIS IS MONEY'S FIVE OF THE BEST SAVINGS DEALS
Tesco Bank pays 1.2% AER variable interest on its easy-access offering. (Rate due to increase from December 6 to 1.35%). The account can be opened with just ￡1. Rate drops to 0.8 per cent after 12 months
Atom Bank pays a best-buy 1.95% AER on its one-year fixed term deposit account. The account is operated online or via its smartphone app.Minimum deposit is ￡50.
RCI Bank pays 1.3% AER variable interest on its easy access deal. Deposits in its Freedom Savings Account have no FSCS protection, but you are covered for up to €100,000 by the French equivalent (FGDR).
Masthaven pays 1.85% AER fixed interest if you lock your cash away for 18 months. Alternatively savers can set their own fixed-rate term themselves. It requires a minimum ￡500 deposit and you can choose to receive interest monthly or annually
Chartered Savings Bank pays a best-buy rate of 1.36% AER on its fixed one-year cash Isa. The account allows transfers in and has a minimum deposit of ￡1,000.
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