Nottingham Building Society has launched a fixed term regular savings account available to open in branch or online.
The Fixed Regular Saver account offers six percent interest fixed until the end of July 2024.
A person can open an account with just £10 and with a maximum opening amount of £250.
After this, they can deposit up to £250 each month up to a maximum account balance of £3,500.
An account can be opened in branch, online or through the app for the building society’s digital brand, Beehive Money.
To open an account, a person must be a UK resident over the age of 16, or over the age of 18 if opening an account through Beehive Money.
Beehive Money accounts can only be opened by individuals, while people can open an account in branch for an individual or jointly with someone else. A saver cannot make any withdrawals during the fixed rate period.
Many savers may see their rates increase after the Bank of England increased the base interest rate again last week, up to five percent.
James Blower, head of Savings at Zopa bank, said savers may get “better and more competitive” thanks to the latest base rate hike.
He said: “Now is a good time for consumers who are looking to start saving to start doing so, or for those who haven’t seen their savings account’s interest rate rise to shop around for alternatives.
“As a rule of thumb, newer banks in the market typically offer higher interest yields than high street banks do; this means consumers can benefit from up to 16 times more interest if they switch now.”
Mr Blower encouraged savers comparing accounts to consider not only the interest rate on offer but also the quality of service and accessibility of the provider.
The central bank has hiked the base rate 13 times over the past 18 months in its efforts to tackle high levels of inflation.
With inflation remaining high, staying at 8.7 percent in the latest figures, some analysts are predicting it will continue to increase this year.
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