Bank offers savers 'best on market' fixed rate account - for limited time only
There is a minimum deposit to open the account.
Savers can get a 'market-leading' 5.06 percent interest rate with bank SmartSave - but they need to act quickly to secure the deal.
The bank is offering the rate on its two-year fixed rate saver, with the rate on offer "for a limited time only".
Interest is paid gross at the end of the two-year term.
Andy Mielczarek, CEO and founder of SmartSave, a Chetwood Financial company, said: "We’re constantly evaluating how we can best serve UK consumers, not just with highly competitive rates, but also bringing different products to market.
"Expectations of a base-rate cut have risen throughout the year as inflation has dropped, and we know there is an appetite among savers for longer-term fixed-rate products.
"So, we’re delighted to reveal our new two-year bond, which has a market-leading rate.
"This product launch comes at an exciting time for Chetwood Financial. The CMI acquisition and upcoming launch of ModaMortgages are also fuelling growth for the business, helping us deliver exceptional products and an exceptional service to brokers and landlords, helping them navigate the BTL market with confidence.
"Looking ahead, we will continue to pursue opportunities to expand, innovate and deliver the best possible products and services to our customers."
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A saver has to deposit at least £10,000 to open the account and can hold up to £85,000.
With £10,0000 deposited, the balance would increase to £11,037.60 over the course of the two-year term.
The account can only be opened in a single name and an individual can have only one fixed rate saver with the bank.
The base interest rate set by the Bank of England was held at 5.25 percent again in its latest decision.
Andrew Bailey, governor of the Bank of England, said shortly after the latest interest rate announcement: "We’ve had encouraging news on inflation and we think it will fall close to our two percent target in the next couple of months.
"We need to see more evidence that inflation will stay low before we can cut interest rates. I’m optimistic that things are moving in the right direction."
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