SmartSave has launched a new Fixed Rate Savers this week offering 4.54 percent. As the cost of living crisis continues, savers will be looking for ways to make their money work harder for them.
The Two Year Fixed Rate bond from SmartSave could be an option for people who can afford to lock their savings away for at least two years.
Savings providers are fighting for customers’ attention as savings rates continue to improve following the Bank of England base rate rise from three percent to 3.5 percent mid December.
Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said: “SmartSave has launched new Fixed Rate Savers this week, including a two-year fixed rate bond option which may tempt those who are happy to lock their nest egg away in order to receive a guaranteed return.
“Open to those with at least £10,000 to invest, this account pays 4.54 percent on maturity which sees it take the lead position in our top rate tables when compared against other bonds with similar terms currently on the market.
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“As may be expected, earlier access to funds is not permitted, so savers need to be happy to commit their cash for the term of the account, but there is a little flexibility to make further additions for 14 days from account opening, which could be a plus for some investors.
“Overall, this account receives an Excellent Moneyfacts product rating.”
The estimated balance after 24 months based on a £10,000 deposit would be £10,928.61.
Savers would earn £928.61 of interest.
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In exceptional circumstances, SmartSave may consider early withdrawals, but they are not obliged to do so.
The SmartSave Two Year Fixed Rate Saver offers:
- Rate: 4.54 percent gross / 4.54 percent AER, payable on maturity (compounded annually)
- Notice / term: Two years
- Minimum opening amount: £10,000
- Maximum investment amount: £85,000
- Access: Not permitted
- Further additions: Permitted for 14 days from account opening
- Opening account: Online
- Managing account: Online
- Other information: Minimum applicant age 18.
Another Moneyfacts suggestion for locking money away is Hinckley & Rugby Building Society – 30 Month Fixed Rate Bond Issue 3.
Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said: “Hinckley & Rugby Building Society has launched a new 30 Month Fixed Rate Bond this week.
“This new account, paying 4.50 percent yearly, takes a place in the top 10 when compared to other bonds with similar terms.
“This may be an attractive choice for savers happy to secure their savings pot away for the term of the account and who have the required £5,000 minimum investment.
“ As is common with many fixed accounts, neither earlier access to funds nor further additions are permitted, so savers need to be happy to secure their nest egg away at the outset.
“Overall, this account receives an Excellent Moneyfacts product rating.”
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