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Product focus: Fixed rate savings accounts

Product focus: Fixed rate savings accounts

Category: Savings

Updated: 28/10/2010
First Published: 22/10/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Despite a number of new savings providers emerging on the market recently, many savers still prefer to bank with a familiar name. Some providers offer various deals for their existing current and savings customers, such as fixed rate bonds, notice accounts and cash ISAs. Here is a selection of the current best five year fixed rate savings accounts offered to savers with existing accounts.

Halifax – Web Saver

The Web Saver from Halifax pays 4.25% on its anniversary. Investments can range between £500 and £9m, however, further additions and early access are not allowed. Savers must open or have an existing variable rate Web Saver account. The account can be operated online only by savers of all ages.

Nationwide Building Society – Five Year Fixed Rate e-Bond

The rate for this bond is dependent on the amounts invested. Deposits between £1 and £9,999 will receive a rate of 3.65%; £10,000 and £24,999, 3.70%; £25,000 and £49,999, 3.80%; and between £50,000 and £3m, 3.90%. Further additions are not allowed, while early access is allowed on closure only, subject to 365 days loss of interest. The account is available to existing FlexAccount customers aged 16 and over and can be operated online only.

HSBC – Fixed Rate Saver

The rates for this account are also split by payment tiers. A rate of 3.45% is paid for deposits of between £2,000 and £49,999, while 3.65% is paid for deposits of between £50,000 and £1m. Further additions are not allowed, while early access is allowed on closure only, subject to 90 days loss of interest if the balance is less than £50,000. Savers must open or have an existing HSBC savings or current account (other than an ISA) and be aged 7 years or over. The account can be operated in branch or by telephone.

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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