Savers urged to take advantage of ‘excellent’ savings interest rate of 5.90 percent | Personal Finance | Finance

Savers are being reminded to take advantage of high savings interest rates while they still have the chance.

Savings accounts from bodies like Ziraat Bank are offering customers interest rates close to six percent.

The savings product in question is the Turkish-owned financial institution’s One Year Fixed Term Deposit.

Over the last year, the Bank of England and other central banks have raised each country’s base rate in an attempt to rein in inflation.

As it stands, the UK’s base rate is sitting at 5.25 percent and is expected to remain at this level for the foreseeable future.

Read more… Skipton Building Society launches new fixed savings account with 5.25% interest

Experts are recommending savers seek out the best savings interest deals before rates drop with the One Year Fixed Term Despoit being considered one of Moneyfactscompare’s top picks of the week.

Currently, the bank is offering customers a favourable interest rate of 5.90 percent gross / 5.90 percent AER payable on maturity.

The notice for this particular account is one year and the minimum opening amount for savers is £1,000.

As it stands, the maximum investment amount for Ziraat Bank’s One Year Fixed Term Deposit is £85,000.

Easy access to the savings account, as well as further additions, are not permitted for customers.

Anyone who chooses to use this account can open it online and manage the product either online, by post or phone.

Applicants for the One Year Fixed Term need to be at least 18 years of age to open an account with the bank.

Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, shared why savers should consider this account to bolster their savings.

She explained: “This week, Ziraat Bank has reduced its one-year Fixed Term Deposit with Raisin UK, now paying a rate of 5.90 percent, which earns itself a spot in the top 10 rates for this sector.

“As with many fixed term savings accounts, savers should note that early access and further additions are not permitted, so they must ensure they are satisfied with their initial investments.

“But this deal may entice those looking for a guaranteed return over the next 12 months. On assessment, the account receives an Excellent Moneyfacts product rating.”