Savers urged to take advantage of ‘excellent’ 5.70% interest rate

Bank of England increases interest rates to 5.25%

Experts are revealing to customers the best savings and ISA accounts currently on the market this week

Earlier this week, Moneyfactscompare compiled a list of the best savings products with the top interest rates.

Over the past year, rates have risen by central banks in response to the issue of high inflation.

As it stands, both the Bank of England and the Federal Reserve have increased interest rates to above five percent.

Analysts from Moneyfactscompare are encouraging savers to grab these hiked rate rates as soon as possible before they go away.

Read more… Martin Lewis slams ‘ridiculous’ price cap as frugal Britons get smaller savings[LATEST]

One of the savings accounts recommended by the comparison website was Beehive Money’s Limited Easy Access Account which awards an interest rate of 5.10 percent.

The amount needed to open this product is £1,000 while the maximum investment amount is £85,000.

Caitlyn Eastell, the spokesperson at, broke down what makes this account an “excellent” deal for savers.

She explained: “Beehive Money has launched two new savings products to add to its range, including the Limited Issue Easy Access, which pays 5.10 percent.

Don’t miss…
Mortgage approvals slump to six-month low as interest rates scare off buyers
Coventry Building Society launches top 5.2% savings account
NS&I explains how top-paying bonds account works if a person wants to add funds

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

“The account grabs a market-leading rate at the top of its sector and may attract savers who have £1,000 to invest.

“The account does include an introductory bonus rate of 2.45 percent which runs until October 31 2024, so a review of the account before this expires would be wise.”

The ISA product recommended by the experts was Sainsbury’s Bank’s One Year Fixed Rate ISA which pays a rate of 5.70 percent.

It has a notice period of one year, a minimum operating balance of £5,000 and can be managed online.

According to the savings expert, those looking to invest over the next 12 months should take advantage of this financial institution’s account.

Ms Eastell added: “Sainsbury’s Bank has increased the rates on its Fixed Rate Cash ISAs this week, including its one-year deal which takes a prominent position in the market.

“The deal now pays a rate of 5.70% on the anniversary and may appeal to savers who want to invest over the next year and use their ISA allowance.

“This deal pays an attractive rate when compared to similar products. .Overall, this deal earns an Excellent Moneyfacts product rating.”

Source: Read Full Article