Savings boost: swarm of new best buys announced

Simple trick to bag a best buy two-year fixed savings rate of 5.15% as Chip, Investec and SmartSave boost deals

  • App-based Chip boosts easy-access rate to 3.82%
  • Investec and SmartSave Bank now offering one-year fixes paying 5%
  • Savers can get up to 5.15% if they use Active Savings* by Hargreaves Lansdown 

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Savers have a bunch of new best buy deals to choose from after a number of providers upped rates in the last 24 hours. 

Savings and investment app, Chip*, upped its instant access from 3.71 per cent to 3.82 per cent on balances up to £85,000.

All money deposited in Chip’s deal is held by ClearBank, and is eligible for the Financial Services Compensation Scheme up to £85,000 per person.

After 12 months, someone stashing £10,000 into this account would earn £382 if the rate remains the same.

New best buy: The savings and investment app, Chip, upped its instant access from 3.71 per cent to 3.82 per cent on balances up to £85,000.

Fixed-rate savings have also improved over the past 24 hours with Investec and SmartSave Bank launching market leading deals.  

Both banks are now offering one-year fixed rate deals paying 5 per cent. Someone stashing £10,000 in either account could earn £500 interest over the 12 month term.

Longer term fixed rate deals don’t currently pay any more at present. But savers can still get up to 5 per cent when fixing for longer.

However, there is one route where savers can do better. Hargreaves Lansdown’s savings platform, Active Savings is currently offering 5.15 per cent* on its best two-year fix, courtesy of Investec.

Savings platform, Raisin, also has a bank on its platform offering six savings deals – all paying 5 per cent*, with deposits fully protected by the UK’s deposit guarantee scheme, up to £85,000 per person.

The bank at the heart of it all, Işbank, is offering the six deals aimed at savers looking to fix between one and seven years.

Someone depositing £10,000 into its five-year fix paying 5 per cent could earn £2,500 in interest during the five year term.

There has also been some improvement in cash Isa rates in recent days. 

Those who are looking for a fixed rate cash Isa in order to shield the interest they earn from the taxman may want to consider Paragon Bank, which is offering a one-year and two-year deal deal paying 4.4 per cent. 

There are a host of other providers also paying similar levels. Check out the best cash Isa rates here.