Tesco Bank has bucked the trend by increasing the rates on selected fixed accounts as well as launching competitive one, four and five-year options.
Rates have increased on the two and three-year options of Fixed Rate Saver accounts by 2.05% and 2.30% per year respectively. Monthly options are available paying 2.03% for two years of 2.28% for three years.
Tesco Bank has also launched a one year Fixed Rate Saver paying 1.75% yearly, or 1.74% monthly; a four year version paying 2.65% yearly, or 2.62% monthly, and a five year option paying 2.95% yearly or 2.91% monthly.
For all options, savers must invest a minimum of £2,000.
The account can be operated over the telephone or online.
Early access or further additions will not be permitted.
This fixed rate savings review sees Tesco Bank extending its portfolio with the launch of one, four and five-year options, whilst also increasing the three-year rate by 0.10% to 2.30%.
The four and five-year Fixed Rate Saver accounts now pay the top rates for their respective terms, so should prove popular with savers looking to invest long term.
Four out of five Moneyfacts Stars have been awarded.
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