Milestone Savings has reduced the rates paid on its fixed rate bonds by as much as 0.35%, but despite this, the five-year version manages to maintain its hold on the Moneyfacts charts thanks to its enduring appeal.
The five-year version of Fixed Term Deposit now pays an expected profit rate of 2.25% yearly, which ensures its continued place among the top 10 accounts of its sector.
This Sharia'a compliant account must be opened online, but it can then be managed in the same way as well as by post or phone. It requires a hefty minimum investment of £10,000, and as is common in the sector, further additions and withdrawals won't be allowed, so savers must be comfortable with their investment and the term of the bond from the outset.
Despite receiving a rate cut, this five-year bond has managed to maintain its best buy status thanks to its still-competitive returns, making it an appealing option for those with the necessary deposit.
Moneyfacts rating: Excellent
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