Ford Money has elevated the interest rates of its One Year and Two Year Fixed Saver merchandise to five.3 p.c. In addition, the Fixed Saver Three Year will likely be faraway from sale.

The new charges, which got here into impact on Tuesday, June 27, will apply to new and present prospects.

Ford Money commented: “We have taken this action as part of our routine practice of regularly reviewing our product portfolio and positioning within the wider savings market, as well as our current deposit-taking needs.

“All changes at Ford Money are made to ensure we’re offering customers the most appropriate and competitive accounts possible at any given time in the market.”

Fixed savings accounts allow folks to lock within the rate of interest provided on the time of opening, including a layer of certainty - they usually additionally sometimes present among the highest charges available on the market.

However, they do include extra restrictions, akin to stricter withdrawal guidelines, which means folks needs to be snug investing their cash with out touching it for a hard and fast time period.

Ford Money’s Fixed Saver One Year, which noticed an rate of interest rise to five.3 p.c up from 5 p.c, might be opened with a minimal deposit of £500.

Interest is calculated day by day and might be paid month-to-month or yearly, linked to the date the preliminary deposit is acquired.

Savers should be aged 16 or over and the account might be opened, accessed and managed on-line. Up to £2million might be invested general and withdrawals are usually not permitted all through the time period.

The identical guidelines apply for Ford Money’s Fixed Saver Two Year, which noticed an rate of interest rise to five.3 p.c up from 5.15 p.c.

But whereas Ford Money could also be providing extra aggressive returns, it isn’t at present taking the highest spot for mounted savers.

For each one and two yr mounted financial savings accounts, Close Brothers Savings takes the lead with its One Year and Two Year Fixed Rate Bond, each providing an Annual Equivalent Rate (AER) of 5.85 p.c.

The accounts might be opened with a minimal deposit of £10,000 and curiosity is calculated day by day and utilized yearly.

Savers should be aged 18 or over and this account can also be there to be opened and managed on-line.

However, much like Ford Money, withdrawals are usually not permitted so savers should be comfortable to depart their cash within the account till the top of the time period.