Savers are suddenly spoilt for choice if they want to earn 5 per cent on their cash.
Several providers raised rates on their one-year bonds last week – and more are likely to follow as competition in the market hots up.
GB Bank has raised its rate to 5.05 per cent and Investec to 5 per cent. Kent Reliance pays 5.06 per cent for 13 months.
Last week, the Bank of England held the base rate at 3.75 per cent, but that has not stopped banks and building societies increasing rates on fixed-rate savings accounts as they leapfrog each other to woo us.
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