‘Top pick’ savings account offers 4.5% interest on savings

While it’s now possible to get more than five percent interest on savings these accounts typically require people to lock away savings for a number of years. Now, FirstSave is offering customers a ‘top pick’ savings rate of 4.5 percent and they only have to invest their savings for one year to benefit from this interest rate. Savings accounts are offering better rates (Image: Gettty)Martin Lewis is urging savers to check how much interest they are getting, recommending people look around if they are getting less than 2.5 percent.He said that is the very lowest rate anyone should be earning on any savings amount following the Bank of England’s recent base rate hike to three percent.For those who need instant access to their savings – MoneySavingExpert recommends Aldermore Bank’s easy access account which offers 2.75 percent interest on a minimum investment of £1,000.Additionally, Aldermore now offers interest rates of between 4.35 and 4.60 percent depending on whether customers can commit to a one-year or five-year fixed term savings account.DON’T MISSPensioners face losing £370 a month if they do not report to DWP [WARNING]’Living’ state pension could create ‘adequate income’ for pensioners [INSIGHT]Sunak and Hunt may bring in inheritance tax change ‘via backdoor’ [WARNING]10 tips to save hundreds of pounds on your Christmas shopping 2022 [INSIGHT]Ewan Edwards, director of savings at Aldermore said: ‘Recent market conditions have resulted in financial stress across the country; it’s only natural that many are feeling anxious and uncertain at the moment.’We’re pleased to announce this latest increase across our Fixed Rate savings range, helping customers’ money go that extra bit further in these challenging times.’Meanwhile, Secure Trust Bank has also recently launched a new fixed bonds saving account paying 4.85 percent interest but customers will have to put their cash away for two years.READ MORE: State pensioners ‘hard hit’ as payments to be lower than 11.1% The value of savings has been falling for years (Image: Express)Rachel Springall, finance expert at Moneyfacts, said savings rates are at a record high right now. She said: ‘Interest rates have continued to rise across the savings spectrum, and we witnessed nine consecutive months of increases to all average rates for the first time on our records.’The average easy access rate breached one percent for the first time in over 10 years and fixed rate bonds saw the average shelf life fall to 26 days, the lowest figure seen since 2009.’These highlights are proof of the positive direction of the cash savings market, with further rises expected due to the Bank of England Base Rate rises.’Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip