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Savers urged to compare rates as best buys fluctuate

Written by: Emma Lunn
Savers looking for the best return on their cash have been advised to compare the latest rates on savings accounts.

According to Moneyfacts, savings providers have both cut and added some top rate deals since the last inflation announcement.

The latest inflation figures show that the Consumer Price Index (CPI) fell to 10.1% during January, from 10.5% in December.

But, according to Moneyfacts, there is not one standard savings account that can outpace inflation of 10.1%.

However, it’s still imperative to look for the best savings deal. Here’s what’s on offer:

  • Easy access account – Paragon Bank 3.1%
  • 120-day notice account – Furness Building Society 3.5%
  • One-year fixed rate bond – Ahli United Bank UK 4.2%
  • Two-year fixed rate bond – Union Bank of India 4.35%
  • Three-year fixed rate bond – UBL Bank UK 4.43%
  • Four-year fixed rate bond – UBL Bank UK 4.53%
  • Five-year fixed rate bond – UBL Bank UK 4.63%

Take a look at challenger banks

Rachel Springall, finance expert at, said: “Savers will need to act quickly to take advantage of the latest deals as some of the top savings’ rates have tumbled over the past month. The shorter-term fixed rate bond market has been impacted by various rate movements among challenger banks which sit highly within the top rate tables, showing yet another month in which these institutions are jostling for positions.

“However, Cash ISAs have improved across a variety of sectors this month, with new market-leading rates to entice savers who have yet to use their ISA allowance.

“Those savers who want to tie up their money in a fixed rate bond today for a year will be able to earn around 4% based on the top rate deals, which is around three times the return that they could have earned a year ago.

“Fixed bonds continue to be offered by many challenger banks, as they tend to offer enticing rates to draw in balances to fund their future lending. As we reported a month ago, the top returns on many fixed rate bonds are coming down, but it’s still worthwhile for savers to compare deals now and secure a top rate to avoid disappointment.”

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