The Bank of England decided to keep the base rate at its historic low of 0.50% for the eighteenth month in a row last week.
Although one member of the Monetary Policy Committee has recently been voting for a rise in the rate, the day when enough members throw their weight behind the idea still seems a long way off.
Savers whose returns are dependent on interest rates have not found it easy to achieve a decent rate of return over the last year and a half.
However, that is not to say there are not some good rates out there.
Savers who are determined to achieve the best rate possible have been turning their attention to fixed rate bonds.
Fixed rate bonds require you to leave your money untouched for a set period of time.
However, in return, you will be paid a rate likely to be considerably higher than would be the case should you want immediate access to your money.
Market leading ISA
Savers bringing new money to Birmingham Midshires are being offered a market leading rate of 3.30% on its Two Year Fixed Rate ISA. For those requiring a regular income a monthly interest option is available. Savers can invest from £1 into the postal based account, which accepts transfers in. Access to funds is available during the term, but will subject to a loss of 180 days' interest.
Track top rates
Santander has just launched new issue of its Tracker Bond paying increased rates. The bond currently pays 3.00% and guarantees to pay at least 2.50% above Bank Base Rate until it maturity date of 1st October 2011. Between £10,000 and £100,000 can be invested in the bond, which can be operated in branch, online or by telephone. Once open earlier access is not permitted. New or existing qualifying current account, investment or mortgage customers will receive a rate guaranteed at 2.75% above Bank Base Rate.
Tesco on top
Tesco Bank has reduced selected rates on its personal loan, resulting in the lender offering the cheapest rates for loans of between £5,000 and £25,000. The lender charges a typical rate of 7.7% APR on loans of between £7,500 and £14,999. Loans are available for terms of between one and 10 years. Cheaper rates may be offered to existing loan customers.
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