UK savers could get their hands on almost £900 each on average, simply by moving their money into a new account and keeping it there for a year.
Lucinda O’Brien, savings expert at Money.co.uk savings expert, shared some of her top tips for saving money with the ECHO this week. And one fixed-rate bond account has an impressive 5.18% interest when the money is held in the bond for one year.
With the mean average amount of money held in a UK savings account currently at £17,365, as per the most recent figures, this would mean a total of £899.51 in annual interest, just for having your money in the account, for average savers.
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SmartSave’s 1 Year Fixed Rate Saver’s current 5.18% interest rate is effective as of April 26, 2024, and the rate is fixed until the end of your product term, so the end of the year. Interest accrues daily and is paid as one lump sum at the end of the year, also.
You must be at least 18 years old and a UK resident (subject to UK tax only) to open the account, and you can only hold one savings account at a time. You also can’t open the account jointly with another person, and funds must be deposited within 14 days of the account opening.
No further deposits can be made during the fixed period. Amounts from £10,000 to £85,000 can be held in the account.
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