Fixed-rate bonds interest 'getting better'

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Fixed-rate bonds interest 'getting better'

The rates of interest offered on fixed-rate bonds are improving, according to research released recently.

Moneysupermarket.com, which conducted the study, found that the average interest offered by the top five fixed-rate bond products is currently 3.89 per cent, despite the fact that the Bank of England's base rate is 0.5 per cent.

With many instant access savings account rates decreasing in line with the base rate, fixed-rate bonds could become a more appealing option for savers.

Kevin Mountford, head of banking at moneysupermarket.com, said: "Savers haven't had much to be cheerful about of late, but some green shoots could now be emerging.

"While the leading rates are far from last summer's giddy heights of seven per cent or more, providers are showing they are keen to draw in deposits to shore up their books."

Recent research by Sainsbury's Bank revealed that less than four per cent of instant access savings accounts currently offer interest rates of three per cent or more.

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