Simple trick to bag finest purchase one and two-year fixed-rate financial savings offers

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Savers can beat the highest one, two, 4 and five-year fixed-rate offers obtainable to all by opening an account with financial savings platform Raisin UK*.

It is as soon as once more providing new prospects a £25 bonus when signing up for an account*.

Currently, the highest one-year fee on the platform is with Investec Bank, which presents 5.15 per cent.

However, on a £10,000 steadiness – the minimal required to qualify for the bonus – that £25 bump brings it as much as a finest purchase at 5.4 per cent.

Bonus increase: Raisin UK’s £25 join deal on deposits of £10,000 launches a few of its fixed-rate accounts to the highest of the perfect purchase tables

Raisin’s high two-year fee on the platform is with Bank of Ceylon, which pays a fee of 4.95 per cent. On a £10,000 steadiness, the £25 bonus boosts the speed to a finest purchase at 5.06 per cent.

Fixed-rate financial savings accounts are dropping like a stone. Last month, charges scrutineer Moneyfacts Compare warned savers have been dealing with the largest month-to-month reduce to fixed-rate accounts in additional than a decade. 

One-year fixed-rate accounts have fallen quickly from their peak of 6.2 per cent with NS&I’s showstopping Guaranteed Growth Bonds which launched in August final yr. 

The deal was pulled in October, and no one-year bond has reached this excessive since. 

By nabbing the £25 join bonus with Raisin, you may get a desk topping fee on one and two-year fixed-rate accounts. 

Andrew Hagger, founder of private finance web site MoneyComms, says: ‘On the one yr Investec deal it is smart to make use of Raisin to reinforce your annual curiosity return – on £10,000 you’d earn £540 in curiosity as an alternative of £515. 

‘Sign up on Raisin is pretty fast and painless, so no purpose to not take benefit.’

An account should be funded with a minimal of £10,000 and the bonus will paid out 14 days afterwards.

People with giant sums of above £85,000 will in all probability choose to go direct with a financial savings supplier because it does not imply splitting the cash between completely different banks to make sure all funds are protected.

Raisin says financial savings on its platforms are protected by the Financial Services Compensation Scheme (FSCS), as much as a most of £85,000.

As a financial savings platform, Raisin UK presents entry to a number of financial savings merchandise and banks. It permits savers to handle all their financial savings via a single on-line app-based account.

As for whether or not financial savings platforms are a secure place to park your financial savings, all of Raisin’s UK-based companions are a part of the FSCS.

This means, if the supplier fails, your cash is protected as much as the worth of £85,000, the identical as investing direct.

Savings platforms are good for each savers who need to unfold their cash round a number of suppliers, maximising FSCS safety, however with out having to open a brand new account at every financial institution each time.

‘They can open a single account with Raisin, or the opposite platforms, and entry a wealth of suppliers – a few of whom supply offers higher than these obtainable direct and a few with suppliers who aren’t accessible to odd savers.

Savers want to maneuver rapidly in the event that they need to lock in one among these charges as it’s only on supply till 29 February 2024.

To get the bonus, savers should comply with this Raisin UK hyperlink and register with the bonus code ‘RAISIN2524’ earlier than 29 Jan and fund their first financial savings account with £10,000 earlier than 29 Feb 2024.