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Competition from new banks pushes up rates on fixed accounts as top one-year fix pays 1.77%

January 3, 2018 12:43 AM
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Al Rayan Bank pays 1.85% interest on its one-year fixed rate. This rate is the 'expected profit rate'. The bank monitors the target profit on a daily basis to ensure it is achievable. Minimum deposit of £1,000.

Paragon Bank pays 2.05% AER variable interest on its two-year fixed rate savings account. The minimum deposit is £1,000.

Halifax pays 4.5% AER fixed interest for 12 months on its children's account. Regular savings of £10 to £100 per month.

RCI Bank pays 1.3% AER variable interest on its easy access deal. Deposits in its Freedom Savings Account have no FSCS protection, but you are covered for up to €100,000 by the French equivalent (FGDR).

Source: dailymail.co.uk

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