Allicia Bank has increased the interest rate on its 12-Month Fixed Term Savings Account to 5.15 percent, earning an “excellent” Moneyfacts rating.
Commenting on the deal, Caitlyn Eastell, said: “Allica Bank improves its position in the top 10 tables for its sector this week by increasing the rate on its 12-Month Fixed Term Savings Account.
“Now paying a competitive 5.15 percent this could be an attractive choice for savers who are happy to lock their cash away for a short term to receive a guaranteed return.
“Savers must ensure they’re comfortable with the term as early access to funds is not permitted, however, they may be glad to notice that further additions can be made for 14 days from opening the account, which may be a plus for some.
“Overall, this account receives an Excellent Moneyfacts product rating.”
As the base rate sits a 5.25 percent, savers are urged to get the best interest rate possible on their savings account.
While interest rates fluctuate, fixed savers enable people to lock in the rate offered at the time of opening an account – adding another layer of certainty to saving.
Fixed savings accounts also offer some of the highest interest rates available on the market, and Britons are being urged not to “hesitate” to switch savers if their current savings account isn’t keeping up. This comes as Shawbrook research shows many are still paying into accounts offering less than 2.5 percent.
Allica Bank is currently taking the top spot for one-year savers with its 12-Month Fixed Term Savings Account (Issue 55), offering an Annual Equivalent Rate of five percent.
The account can be opened online with a minimum deposit of £10,000 and interest is calculated daily and applied to the balance annually.
Savers must be 18 years old or over and UK residents, and up to £250,000 can be invested overall. However, like with many fixed rate savings accounts, withdrawals cannot be made during the course of the term.
Placing just behind Allica Bank with a competitive one-year fixed saver is Atom Bank with an interest rate of 5.10 percent on its 12-month Fixed Rate Deposit account.
They have increased the interest rate on its one-year fixed savings account to 5.10 percent, earning an “excellent” Moneyfacts rating.
The account can be launched with just £50 and interest can be paid monthly or annually on the anniversary of opening.
