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Savvy: Savers coming to the end of fixed-rate deals can lock into better deals now

Savers coming to the end of one-year fixed-rate deals can lock into higher rates now for a further year.

The top five deals average 2.74 per cent (3.43 per cent before tax) figures from comparison site Moneysupermarket show. A year ago, the equivalent rate was 2.34 per cent (2.92 per cent).

But make sure you don't get caught in one of the poor deals. For example, Barclay's new 18 month bond pays just 2 per cent (2.5 per cent), while HSBC hands out the same low rate on its one year bond to savers with smaller balances.

Top one-year deals include Tesco and Allied Irish (GB) — both pay 2.72 per cent (3.4 per cent). The Post Office, where the deposit taker is Bank of Ireland, pays 2.73 per cent (3.41 per cent)

The top branch-based accounts include the new Nationwide 14-month fixed-rate bond, starting at 2.52per cent (3.15 per cent) on a minimum £1 rising to 2.72 per cent (3.4 per cent) on £50,000 plus.

Best two-year deals include Post Office at 3.15 per cent (3.94 per cent) and C&G at 3.04 per cent (3.8 per cent).

  More... Best savings rates Post Office brings back inflation-linked bonds paying up to RPI plus 1%

On three-year deals, Saga, where the deposit taker is Halifax, now pays 3.2 per cent (4 per cent) to those age 50 or over willing to run their account over the telephone or internet. Yorkshire and Clydesdale Banks match this rate, while the Post Office pays 3.37 per cent (4.21 per cent).

At C&G you can earn an average 3.4 per cent (4.25 per cent) through Lloyds TSB branches. The rate rises from 3 per cent (3.75 per cent) in the first year to 3.8 per cent (4.75 per cent) at the start of year three.

Savers need to be quick to snap up these good deals, which are often around for only a few weeks.

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