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Savers can beat the top one-year fixed-rate deal from National Savings and Investments, by opening an account with savings platform Raisin.
It is once again offering new customers a £25 bonus when signing up for an account*.
Currently, the top one-year rate it has on the platform is with Ahli United Bank, which offers an already competitive 6.1 per cent.
However, on a £10,000 balance – the minimum required to qualify for the bonus – that bump brings it up to a best buy 6.34 per cent.
Get agead: Raisin UK’s one-year fixed-rate account is offering a rate of 6.34% when combined with its £25 sign up bonus
This rate beats the top deal for a one-year fixed-rate account, which is offered by National Savings & Investments, paying 6.2 per cent.
NS&I launched the blockbuster deal on its Guaranteed Growth Bonds at the end of last month which rocketed to the top of the best buy tables.
Savings experts thought this deal had thrown the one-year fixed-rate bond best buys out of kilter, as no provider would be able to compete with it – and some thought fixed-rate bonds had peaked.
But by nabbing the £25 sign up bonus with Raisin, you can get yet a better rate on a one-year fixed-rate account. If inflation does drop at the next reading, this savings rate could nudge ahead.
An account must be a minimum of £10,000 and the bonus will paid out 14 days afterwards.
Andrew Hagger, of MoneyComms says: ‘You can get 6.1 per cent plus £25, so it’s a better deal on £10,000, as you would get £635 compared to £620 from NS&I – but on anything above £25,000 NS&I gives a better return.
‘People with large sums of above £85,000 will undoubtedly prefer NS&I as it doesn’t mean splitting the money between different banks to ensure all funds are protected.’
Raisin says savings on its platforms are protected by the Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000.
As a savings platform, Raisin UK offers access to multiple savings products and banks. It allows savers to manage all their savings through a single online app-based account.
As for whether savings platforms are a safe place to park your savings, Mr Hagger says: ‘All Raisin’s UK-based partners are part of the FSCS.
‘This means, if the provider fails, your money is protected up to the value of £85,000, the same as investing direct.
James Blower, founder of Savings Guru says: ‘Savings platforms are good for both savers who want to spread their money around multiple providers, maximising FSCS protection, but without having to open a new account at each bank every time.
‘They can open a single account with Raisin, or the other platforms, and access a wealth of providers – some of whom offer deals better than those available direct and some with providers who aren’t accessible to ordinary savers.’
Savers need to move quickly if they want to lock in this rate, as it is only on offer until 25 September.
To get the bonus, savers must follow this Raisin UK link*, where the bonus code must be entered at the time of registration. The bonus will be paid out once the offer eligibility is met.
Kevin Mountford, co-founder of Raisin UK, said: ‘It’s never been a better time to make the most of savings in the UK.
‘The £25 bonus offer for newly registered customers can be used across all accounts and terms on our website, meaning it not only beats the current one-year fixed account by NS&I but also on several longer-term accounts, where savers will see the most returns in the coming years.
‘Long-term projections show rates will decrease as the Government tackles and reduces inflation, meaning savers should lock in any high rates they see now or risk losing out in the long run.’
This post first appeared on Dailymail.co.uk
