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Many providers boosted savings rates last week in good news for cash-strapped savers

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Backing: Sylvia Waycot, savings expert at independent data compiler Moneyfacts

Many providers boosted savings rates last week in good news for cash-strapped savers.

Co-operative Bank launched a one-year phone, post and branch-based bond paying 3.5 per cent for deposits of £1,000 or more. Sylvia Waycot, savings expert at independent data compiler Moneyfacts, says: ‘This bond sits with the best-buys over one year and should prove popular.’

Online provider Governor Money and Britannia, part of the Co-operative Banking Group, are also paying 3.5 per cent on one-year bonds.

Progressive Building Society has reissued its five-year bond at 4.2 per cent. The minimum deposit is £500 and the account can be operated by post or in branches. But the rate is beaten by others in the market.

State Bank of India is paying 4.5 per cent over five-years on its branch and postal bond, for example. Clydesdale Bank and Yorkshire Bank, both part of National Australia Bank, are paying 4.25 per cent on their branch, post and phone five-year fixed-rate bonds.

Meanwhile Coventry Building Society has launched a phone-based easy-access account that pays 3.25 per cent, though this includes a bonus. The minimum deposit is £500.

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Coventry has also launched a bond paying 3.65 per cent until the end of December 2013. The minimum deposit in the phone and online bond is £500. The mutual says the launches are in response to demand for phone-based rather than online savings accounts.

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