Savings alert issued as provider offers 'top pick' for one year fix - savers can secure over 5%
Savings platforms can often offer higher rates than are available direct with the specific bank
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Savers looking to make the most out of their savings can secure 5.16 per cent fixed for one year.
The 'top pick' account is available on savings platform Raisin, and offers a great rate for new customers, as well as the chance for £100 cashback.
Savers can secure the above five per cent rate with Mizrahi-Tefahot Bank Ltd.
The 1-year Fixed Term Deposit is paid at 5.16 per cent AER/gross.
To open this savings account, savers must apply online through Raisin UK.
The estimated balance after 12 months on a deposit of £1,000 is £1,051.60.
Savers are losing money to low interest accounts GETTYThe minimum amount one can deposit is £1000, and the maximum amount one can deposit is £85,000.
Because this savings account is a fixed-term deposit, withdrawals are not permitted before the maturity date.
To be eligible, customers must:
- Be a UK resident only, holding a UK bank or building society account from which you will fund your application;
- Be liable to pay tax (i.e. resident for tax purposes) in the UK only; and you are not a tax resident in Israel
- Have a valid mobile phone number and email address
- Have a UK National Insurance Number
In the latest MoneySavingExpert's Money Tips Email, Martin Lewis and his team have cumulated a list of the top 1 year fixes on the market.
The MSE team wrote: "Newbies to savings marketplace Raisin - which lets you save and move money via different banks after filling in just one form - can get £100 cashback with code OFFER100 if saving £10,000+.
"At 5.16 per cent, its top 1yr fix from Mizrahi-Tefahot Bank's is currently the best rate in the market, though its top easy-access account is Monument's 4.91 per cent, which can be beaten by Trading 212's 5.2 per cent cash ISA.
After many years of low rates, savings have made a significant comeback over the last year.
Although the Bank of England base rate has been cut, the top savings still pay more than inflation.
Britons are urged to make their money work for them.
Banks sometimes offer bonuses to new customers who switch from an existing current account to a new current account with them.
Barclays is offering customers a free £175, 5.12 per cent interest on up to £5,000, plus Apple TV+ & Major League Soccer Season Pass subscriptions.
TSB is offering a £100 upfront free, £15 a month cashback for six months, plus a choice of an extra reward in April 2025.
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