As the Bank of England raised their base rate to 2.25 percent, many banks have increased the interest rates on savings accounts. With bill rises, any extra cash could be vital for families on low incomes.
CBS has launched three fixed bonds offering savings rates up to 4.85 percent.
They are offering a one-year paying 4.40 percent, fixed until December 31, 2023.
Additionally, Britons can benefit from a two-year fixed bond paying 4.70 percent fixed until December 31, 2024.
Lastly, they have increased their three-year fixed bond, now paying 4.85 percent fixed until December 31, 2025.
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All three Fixed Bonds can be opened with a minimum of £1 online, by phone, post or in branch.
Savers can invest up to £250,000 and choose a term length that best suits them.
Someone stashing £20,000 in Coventry’s one-year deal on October 31 will have earned £1,030 in interest by the time the deal finishes on December 31 next year.
Matthew Carter, head of savings at Coventry Building Society, said: “We’re enhancing our product range by launching highly competitive savings accounts to give savers even more choice.
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“Our new range of Fixed Bonds offer some of the best rates of interest out there on the market and are ideal for those looking for a good return on their savings over the short, medium or longer term.”
Savers looking for a good return on their savings may be interested in the range of fixed bonds from Coventry Building Society.
Its fixed bonds offers some of the best rates on the market following the Bank of England’s latest base rate increase in September.
Santander has also increased the interest rate of their savings and ISA accounts.
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Interest is paid on balances up to £250,000.
Someone with a £10,000 deposit in this account would earn £275 in interest after a year.
This issue is available until November 1, 2022 unless it’s sold out sooner.
Anna Bowes, co-founder of Savings Champion says: “It’s really interesting to see some of the big banks and building societies back in the best buy tables.
“Santander has already had a good showing in the fixed rate Isa tables, but this new easy-access account paying 2.75 percent is head and shoulders above the next best – and you don’t need to be an existing or current account customer to be eligible. Plus the maximum balance is £250,000.”
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