Savings rates: New deal offers 1.5% as inflation 'whittles' your money away – take action

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Masthaven Bank – 18 Month Flexible Term Saver

The highest new rate comes from Masthaven Bank, which has increased returns for a number of its accounts. Eleanor Williams, Finance Expert at Moneyfacts.co.uk, reviewed the new offer.

“Masthaven Bank has increased the rates on a selection of its accounts this week, including a notable 0.22 percent uplift on its 18 Month Flexible Term Saver,” she said.

“Now paying 1.50 percent on anniversary, this account takes a position in the top 10 of its sector when compared to other fixed bonds with similar terms currently on offer. As early access is not permitted, savers should ensure they are happy to lock their nest egg away for the term.

“However, further additions can be made within 14 days of account opening, which may be a plus for some. Additionally, there is a monthly interest option available, which may further tempt those looking to boost their income. Overall, the account earns an Excellent Moneyfacts product rating.”

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