New ‘top rate’ savings account offers 4.36 interest rate on savings

Martin Lewis reveals top easy access savings accounts

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There was more good news for savers this week as a new account offering a top interest rate of 4.36 percent came onto the market. The One Year Fixed Rate Saver from SmartSave could be an option for people who can afford to lock their savings away for at least a year.

Savings providers are fighting for customers’ attention as savings rates continue to improve following the Bank of England base rate rise from 2.25 to three percent earlier in November.

Commenting on the deal, Rachel Springall, Finance Expert at, said: “SmartSave has launched a new 1 Year Fixed Rate Saver this week, which takes a position in the top rate tables.

“Paying a rate of 4.36 percent, the deal sits comfortably against its peers and may entice savers looking for a guaranteed return over the next 12 months.

“Savers will find early access is not permitted, but they can make further additions for 14 days from account opening. On assessment, the account receives an Excellent Moneyfacts product rating.”


The SmartSave One Year Fixed Rate Saver offers

  • Rate: 4.36 percent gross 
  • Notice/term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.
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    Savers can get an even better interest rate if they can afford not to touch their savings for even longer – Melton Building Society is offering a rate of 4.75 percent on its Fixed Rate Savings account.

    Commenting on the deal, Rachel Springall, Finance Expert at, said: “This week Melton Building Society increased the rate on its Two Year Fixed Rate Savings account, improving its position in the market.

    “Now paying a rate of 4.75 percent, savers who are content to lock their cash away for two years for a competitive return may find this an attractive choice. A monthly interest option is also available for those savers who wish to supplement their income.

    “As is common with fixed bonds, it does not permit earlier access, but savers can make further additions while the issue remains open. On assessment, the account receives an Excellent Moneyfacts product rating.”

    Meanwhile, other banks have also been increasing their rates including Leeds Building Society which upped the rates across all its accounts this week.

    It is good news for savers as all its accounts will pay more including the Regular Saver account which will pay 3.20 percent interest from December 1.

    Santander has also launched a new account offering up to four percent interest plus help with essential bills and spending.

    The Santander Edge current account and saver means customers can earn up to £20 in cashback and £13.10 in interest per month for a £3 monthly fee.   

    Customers can work out how much they would earn from the Santander Edge current account using the online calculator.  

    FirstSave now offers a top interest rate on a one-year fixed account – paying 4.5 percent interest on savings, however, there’s a small catch.

    Customers need a minimum of £1,000 in savings and can choose to receive interest each month, although they will need to have at least £5,000 to access this feature.

    This account has been highlighted as a “top pick” in MoneySavingExpert’s latest weekly newsletter.

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