Another week, another raft of new savings best buys

Andrew Hagger of Moneynet.co.uk reflects on another week of good news for savers: We appear to be in the middle of an all out savings war with new best buy deals hitting the market on an almost daily basis.

Yesterday (15 July) Post Office launched a new range of fixed term bonds with terms from 1 to 5 years. The one year bond at 3.85% is the pick of the crop and currently the best paying rate for a 12 month term, but it may well be surpassed if the frenetic activity in the fixed rate savings arena continues. The account is available for balances of £500 upwards.

The mutuals continue to fight aggressively in their attempt to attract retail deposits and Yorkshire BS and Barnsley BS are launching best buy fixed rate bonds tomorrow (17 July) both offering a table topping 5.00% for 3 years, 5.15% for 4 years and an eye watering 5.40% for five years. The Yorkshire bonds are available in branch and via post and Barnsley BS via the internet. It is good to see the products accessible via all delivery channels and from as little as £100.

If other recent savings best buys are anything to go by then the shelf life of these products will be days rather than weeks as savers continue to scramble to find a decent home for their cash.