How to get a top 6.1% one-year savings fix with Raisin and BEAT the best buys
- Raisin is offering a £100 bonus boost to new customers who open an account
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More than 225,000 savers who rushed to open National Savings & Investments blockbuster 6.2 per cent one-year fix last year will be pondering over what to do next with their savings.
These NS&I accounts are set to mature within the next month and savers have the option to roll onto a new issue of the NS&I one-year account paying a lesser 5.15 per cent or to move their savings elsewhere for a better rate.
Savings rates across the board have suffered from the Bank of England base rate being cut to 5 per cent earlier this month, with over 100 providers slashing rates.
New best buy: Raisin's £100 bonus brings its top 5.16% one-year fix to 6.1% on £10,000
But fixed-rate accounts have been hit particularly badly, according to rates monitor Moneyfacts Compare.
Caitlyn Eastell, of Moneyfacts Compare said: ‘Although, typically, base rate cuts usually impact variable rates, we have been seeing an increasing number of providers lowering rates on accounts offering fixed returns.’
There is some good news though. Savers can now beat the top one-year fixed-rate deals by opening an account with savings platform Raisin UK*.
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Raisin is offering a bumper £100 cash bonus to new customers who sign up for a savings account on its platform.
Currently, the top one-year deal it has on the platform is with UMTB, which offers an already competitive 5.16 per cent over 12 months.
However, on a £10,000 balance, that bonus brings it up to a best buy 6.1 per cent.
The best one-year fixed-rate account on This is Money's independent savings tables pays 5.25 per cent by comparison.
This is a good option for savers who want to lock away some savings for a year in an account offering a high rate.
Savings experts say it is only downhill from here for savings rates as, with another base rate cut expected before the end of the year, they are not going to start rising.
To get the bonus, customers need to sign up for an account using this link* by 30 September using this link and then enter the bonus code OFFER100.
Savers must deposit a minimum of £10,000 in a savings account on Raisin and hold it for six months to get the £100 bonus boost.
The money does not need to be deposited until 15 October 2024.
Raisin says savings held with its platform are protected by the Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000.
This means that if a provider fails, your money is protected up to the value 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.
They 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.
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