Fixed rates keep on climbing

Eight providers have increased fixed rates by up to 0.55% in the last week, these include Birmingham Midshires, Capital One Savings, Halifax, Heritable Bank, NatWest, Anglo Irsih Bank, Cumberland BS and Nottingham BS.

Highest fixed rate deal is now 6.20% from Nottingham BS

Rachel Thrussell Head of Savings at Moneyfacts.co.uk, comments: “The fixed rate market has been rising for some time but with further rate rises on the horizon it could rise further still. While rates in exess of 6% are currently very competitive, instant access rates are not far short of this mark, making the reward for tying up your money relatively low.

“So while these rates will offer a great return and piece of mind, perhaps the maket has not yet reached its peak, and better rates may still be yet to come.”

Anglo Irish: best buys just got better

Easy Access Deposit account now pays 5.56% (+0.10%)
7 Day Notice account now pays 5.70% (+0.10%).

“These best buy accounts have just got better. Easy Access now pays the top rate for no notice accounts, and 7-Day Notice is only marginally beaten by Nottingham BS’s 60-day account at 5.80%.

“The beauty of these accounts is not only their great interest rates, but their simplicity. The accounts don’t require savers to jump through hoops to get a decent return. It’s certainly a thumbs up from Moneyfacts.co.uk.”

Rising rates for over 50’s

Northern Rock - Silver Saver Online rate increased to 5.81% (+0.10%)

“Specialist accounts for those aged over 50/60 offer some of the best rates in the market, with rates in the high 5% and even 6% to be found.

“The news that Northern Rock has increased its already competitive over 50s offering to 5.81% is great news, making it the top paying account for over 50s.

“Providers may be looking at this potentially affluent, niche market for increased savings balances, or as a tool to raise their profile as a ‘good’ savings provider without the need to extend their offer to the whole market.

“However consumers opting for niche market accounts should not assume they will always be getting the best rates. Some specialist accounts will not be as competitive as those available to all consumers.”