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Savers have a bunch of new best buy deals to choose from after a number of providers upped rates in the last 24 hours.
Savings and investment app, Chip*, upped its instant access from 3.71 per cent to 3.82 per cent on balances up to £85,000.
All money deposited in Chip's deal is held by ClearBank, and is eligible for the Financial Services Compensation Scheme up to £85,000 per person.
After 12 months, someone stashing £10,000 into this account would earn £382 if the rate remains the same.
James Blower, co-founder of the website, Savings Guru said: 'Chip have moved as a direct response to Tandem moving above them with their improved 3.75 per cent rate.
'This is the fourth time that Chip have moved against a competitor overhauling them and they look determind to maintain top spot.
There are none that beat inflation this month, however, make sure you shop around for the best returns possible.
Easy-access: Chip* - 3.82%
Best notice account: Investec 90-day - 4.25%
One-year fixed-rate: SmartSave Bank - 5.01%
Two-year fixed-rate: Investec* - 5.15%
Five-year fixed rate: Tandem Bank - 5%
Easy-access cash Isa: Cynergy Bank - 3.5%
Limited Access cash Isa: Yorkshire BS - 3.6%
One-year cash Isa: Paragon Bank - 4.4%
'They are in scale up mood and I suspect that they’re prioritising growth over anything else at the moment, and therefore will continue to raise their rate if others move against them.
'From a savers perspective, it’s the best rate in the market, unless you can get to a Hanley Economic branch or want to open and manage with them by post.'
Fixed-rate savings have also improved over the past 24 hours with Investec and SmartSave Bank launching market leading deals.
Investec is paying 5 per cent while SmartSave has gone one better and is paying 5.01 per cent.
Someone stashing £10,000 in either account will essentially earn £500 interest over the 12 month term.
Blower adds: 'On the 5 per cent rates – Swap rates, which banks use to help price, have increased again in the past few days.
'This is partly behind the increase in rates (1 Year swaps are at 4.99 per cent) but it’s also being fuelled by competition – there are several providers such as Close, Smart Save, Investec and isbank, who really want savings at the moment.
'They are being forced to price up, to attract savers in from their rivals, which is fuelling this push upwards above 5 per cent on rates.'
Longer term fixed rate deals don't currently pay any more at present. But savers can still get up to 5 per cent when fixing for longer.
However, there is one route where savers can do better. Hargreaves Lansdown's savings platform, Active Savings is currently offering 5.15 per cent* on its best two-year fix, courtesy of Investec.
Investec is also offering a three-year fix paying 5.18 per cent via the Hargreaves Lansdown platform.
Savings platform, Raisin, also has a bank on its platform offering six savings deals - all paying 5 per cent*, with deposits fully protected by the UK's deposit guarantee scheme, up to £85,000 per person.
The bank at the heart of it all, Işbank, is offering the six deals aimed at savers looking to fix between one and seven years.
Someone depositing £10,000 into its five-year fix paying 5 per cent could earn £2,500 in interest during the five year term.
There has also been some improvement in cash Isa rates in recent days.
Those who are looking for a fixed rate cash Isa in order to shield the interest they earn from the taxman may want to consider Paragon Bank, which is offering a one-year and two-year deal deal paying 4.4 per cent.
There are a host of other providers also paying similar levels. Check out the best cash Isa rates here.Read more 2023-05-24T12:13:42Z dg43tfdfdgfd