Interest rate of 6.1 per cent offered to Britons looking for fixed savings account

Fixed savers give Britons certainty on their savings with the accounts enabling people to lock in the interest rate offered at the time of opening.

However, these accounts often have tougher withdrawal terms which means savers need to lock their money away without touching it until the account matures.

Britons can open an account with Leicestershire-based Melton Building Society with a minimum deposit of £1,000.

Interest can be added to the account, transferred to another linked bank account or transferred to an existing Melton savings account.

Based on the current rate of interest, those who deposit £1,000 will see £1,143.20 by the end of the term.

UK residents aged 16 and above can hold up to £500,000 overall, but withdrawals are not permitted throughout the term.

However, the account is “limited” with deposits only accepted until September 1, 2023, or until the product is withdrawn, whichever is later.

Other firms are also offering attractive rates, including savings app, Beehive Money with an AER of 6.1 percent on its Two Year Bond (Issue 7).

Beehive Money is a trading name behind Nottingham Building Society where savers can open a two-year fix with a smaller minimum deposit of £500 and up to £250,000 can be invested overall.

Interest is paid on September 30 and is calculated daily.

For those with a smaller deposit, Hampshire Trust Bank is offering an AER of 6.05 percent on its Two Year Bond (Issue 83) and savers can take advantage with just £1.

Interest is paid on day the account was opened and up to £250,000 can be invested overall.

Similar to the other accounts, withdrawals are not allowed until the bond matures.