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Spark of hope at last for savers as rates rise from rock-bottom levels

Spark of hope at last for savers as rates have risen from the rock-bottom levels of earlier this year

Atom Bank now pays 0.85 per cent on its one-year fixed-rate bond

Savings rates have risen from the rock-bottom levels of earlier this year.

Atom Bank now pays 0.85 per cent on its one-year fixed-rate bond, while others, such as PCF, Allica, Aldermore and Shawbrook banks, offer between 0.75  per cent and 0.79 per cent. 

Just a few weeks ago the top rate was only 0.6 per cent.

Rates have increased because these smaller banks need to borrow cash from savers to lend out to property buyers.

Savers prefer easy-access accounts to fixed-rate bonds, as they want their cash to hand. 

To persuade them to tie up at least some of their money, lenders need to offer better rates. But act fast, as these rates won’t be around for long.

sy.morris@dailymail.co.uk

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