Get a one-year fixed savings rate of 6.34% with this simple trick… and BEAT the best deal from NS&I
- Raisin UK offers a £25 sign-up bonus on top of its 6.1% rate for a one-year fix
- This takes the rate up to 6.34% for a year for £10,000, beating NS&I’s best offer.
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Savers can beat National Savings and Investments’ best one-year fixed rate deal by opening an account on savings platform Raisin.
Once again offers new customers a £25 bonus when you sign up for an account*.
Currently, the top one-year rate on the platform is Ahli United Bank, which offers an already competitive 6.1 percent.
However, with a balance of £10,000 (the minimum required to qualify for the bonus), that increase takes it to a 6.34 per cent best buy.
Get excited: Raisin UK’s one-year fixed rate account offers a rate of 6.34% when combined with its £25 sign-up bonus
This rate beats the best deal for a one-year fixed-rate account, offered by National Savings & Investments, paying 6.2 percent.
NS&I launched the blockbuster deal on its guaranteed growth bonds late last month, which shot to the top of the best buy charts.
Savings experts thought this deal had unbalanced the best purchases of one-year fixed-rate bonds, as no provider could compete with it, and some thought fixed-rate bonds had peaked.
But by getting the £25 sign up bonus with Raisin, you can get an even better rate on a one-year fixed rate account. If inflation falls in the next reading, this savings rate could move forward.
An account must have a minimum of £10,000 and the bonus will be paid 14 days later.
Andrew Hagger of MoneyComms says: “You can get 6.1 per cent plus £25, so it’s a better deal on £10,000 as you’d get £635 compared to £620 from NS&I, but at anything higher At £25,000, NS&I offers a better return.
“People with large sums over £85,000 will certainly prefer NS&I as it does not mean splitting money between different banks to ensure all funds are protected.”
Raisin says savings on its platforms are protected by the Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000.
As a savings platform, Raisin UK offers access to multiple savings and banking products. It allows savers to manage all their savings through a single app-based online account.
As to whether savings platforms are a safe place to deposit your savings, Mr Hagger says: ‘All UK-based Raisin partners are part of the FSCS.
‘This means that if the provider fails, your money is protected up to a value of £85,000 – the same as investing directly.
James Blower, founder of Savings Guru, says: ‘Savings platforms are good for both savers who want to spread their money across multiple providers, maximizing FSCS protection, but without having to open a new account at each bank each time.
“They can open a single account with Raisin or other platforms and access a large number of providers, some of which offer better deals than those available directly and others with providers that are not accessible to ordinary savers.”
Savers should act quickly if they want to lock in this rate, as it is only available until September 25.
To get the bonus, savers must follow this link from Raisin UK*, where the bonus code must be entered at the time of registration. Bonus will be paid once offer eligibility is met.
Kevin Mountford, co-founder of Raisin UK, said: “It has never been a better time to make the most of savings in the UK.
‘The £25 bonus offer for newly registered customers can be used on all accounts and terms on our website, meaning it not only beats NS&I’s current one-year fixed account, but also across several accounts at more long term, where savers will see the most returns in the coming years.
“Long-term projections show rates will decline as the government addresses and reduces inflation, meaning savers should lock in whatever high rates they see now or risk losing out in the long term.”