Savings account offering 3.61% interest is ‘excellent’ says Moneyfacts

Martin Lewis advises on savings accounts and premium bonds

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A savings account has piqued the interest of money experts at independent financial company Moneyfacts. They said it was an “excellent” option for people who can afford to lock away their savings for three years.



Savings rates have been slowly improving with challenger banks giving high street banks a run for their money.

While none are offering rates that match inflation, savers are advised to shop around and ensure they get the best interest rate available.

SmartSave has increased the interest rate on its three-year fixed rate bond which could make it appealing to savers with a minimum deposit of £10,000.

Rated as “excellent” by the experts at Moneyfacts, the account could be good for investors looking for a great interes rate on savings of up to £85,000.

Commenting on the deal, Eleanor Williams, Finance Expert at, said: “Now paying 3.61 percent on its anniversary following a rate increase this week, SmartSave has enhanced the appeal of its three-year fixed rate bond.

“Those with the minimum £10,000 needed to invest in this account may well be enticed by the return, which sees it take a prominent position within its sector.”

She continued: “Savers would need to be happy to lock their nest egg away for the term of the account as earlier access is not permitted, however, they can make further additions for 14 days from account opening, which may be a benefit for some investors.

“On assessment, the deal earns an excellent Moneyfacts product rating.”

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The SmartSave account offers:

  • Rate: 3.61% AER payable on its anniversary
  • Notice/term: Three years
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.
  • Savers who would benefit from locking away their savings for two years instead of three might want to consider Close Brothers Savings’ Two Year Fixed Rate Bond.

    Ms Williams said this now receives “pole position” when compared to similar accounts.

    She said: “Among the accounts receiving a rate increase from Close Brothers Savings this week is the two-year fixed rate bond. Rising by 0.05%, this has increased its appeal in the market, now paying a rate of 3.55 percent yearly.

    This update sees this account secure the pole position in our top tables when compared to other bonds with similar terms, and may well tempt those with the minimum £10,000 investment requirement.”


    Key product details:

  • Rate: 3.55 percent
  • Notice/term: Two years
  • Minimum opening amount: £10,000
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.
  • Source: Read Full Article