Savings account ranked ‘excellent’ as provider increases rate to 4.33%

Martin Lewis gives advice on best savings rates on This Morning

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SmartSave has improved the rates on a couple of its Fixed Rate Savers this week, including the two year option. These rates are effective from September 28, 2022 and are fixed until the end of your product term.

The move follows the Bank of England base rate rise last week from 1.75 to 2.25 percent.

Savings providers are slowly improving their rates after the Bank of England increased interest rates by another 0.5 percentage points in September.

Britons are encouraged to shop around to see where they can find the best deal for their cash in the bank.

SmartSave has increased the rate on its two year fixed saver but people will need to have at least £10,000 to open an account.

If someone deposited £10,000, after 24 month fixed term, their total balance would be £10,884.75.

The interest earned in total is £884.75.

Britons can’t withdraw money from their savings account prior to the end of the fixed term.

Commenting on the deal, Eleanor Williams, Finance Expert at, said: “SmartSave has improved the rates on a couple of its Fixed Rate Savers this week, including the two-year option.

“Now paying a rate of 4.33 percent gross, savers with the minimum £10,000 required to invest may well be tempted by the rate of return, which sees this account scoop a prominent spot in our top tables when compared against other bonds with similar terms currently available.

“Investors considering this account would need to be happy to lock their nest egg away for the two-year term as earlier access to funds is not permitted.

“However, further additions can be made for 14-days from account opening, which may be a benefit for some investors.

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

Britons must be at least 18 years old and a UK resident subject to UK tax only, to open a savings account.

If at any point during the fixed term the savings account balance exceeds the maximum balance allowed of £85,000, the excess funds will be returned to their nominated current account.

Interest is added to the savings balance the day after their fixed term ends. All interest accrues daily and is paid gross.

People can open and manage their savings account online at

Key product details for the two year fixed term:

  • Rate: 4.33 percent gross / 4.33 percent AER payable on anniversary
  • Notice / term: Two 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.

SmartSave also offers a three year fixed saver where savers can benefit from 4.31 percent AER.

Their five year fix guarantees an interest rate of 4.41 percent AER.

The interest rate on an individuals Fixed Rate Saver savings account will stay the same until the end of the fixed term.

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