How to Find the Best Fixed Rate Savings Accounts

You may work on the assumption that your bank will always offer you the best fixed rate savings accounts, but this isn't the case. The highest savings rates are offered to new customers. As soon as the fixed term ends, your money will be moved to a current account. You may find out that you're receiving as little as 0.1%, so your savings are losing value in real terms. It's essential that you spend some time looking for market-leading interest rates so your personal savings can stay ahead of the rate of inflation.

Post Office 1 Year Online Fixed Rate Bond, Issue 5

Invest between £500 and £2 million and you'll benefit from a fixed savings rate of 3.41% AER for the next year. The interest can either be added to the principal at the conclusion of the term or can be paid to you as an income each month. You cannot make withdrawals or add extra to your initial deposit.

Halifax ISA Direct Reward Savings Account

If you pay income, particularly if you're a high-rate taxpayer, it's essential that you utilise your annual ISA allowance. You can invest up to £5340 each year and achieve a 3% AER return on your savings. You can open your account with as little as £1 and withdraw your money at any time without penalty.

Coventry  Poppy Online Saver Account

If you like the idea of earning 3.1% AER and making a charitable donation, it's worth considering this Coventry Building Society account. Open your account with just £1 and make up to 4 penalty-free withdrawals per annum. A total of 0.05% of the total balances will be donated to the British Legion's poppy appeal.

Identifying the Best Fixed Rate Savings Accounts

The week before a fixed term deal is about to end, begin your search for a high interest savings account. You could visit each bank in turn, but it's a lot easier to use a comparison site, such as moneysupermarket.com. Enter the criteria that are most important to you and you'll receive the results within seconds. You'll be able to unearth deals from financial institutions that you didn't know existed. It'll save you time and improve your returns.

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