The challenger bank’s two-year account leapfrogs rivals, with a new best-buy rate of 2.15 per cent that beats closest rival Tandem by 0.05 percentage points.
It has also added a new one-year deal that pays a top rate of 1.85 per cent which sits alongside Al Rayan Bank and at 1.85 per cent.
Pack leader: Wyelands Bank now offers the top rates on one and two-year fixed rate accounts
Savers can opt for monthly interest if preferred, but Wyelands Bank requires a larger deposit than most at £5,000. Most close competitors offer a lower restriction on minimum deposits at £1,000.
Wyelands Bank, which began offering savings accounts in September 2017, also has a six-month fix paying 0.95 per cent in its range and two notice accounts.
All deposits are covered by the Financial Services Compensation scheme up to £85,000. Accounts can only be managed online only.
While rates are still disappointing across the board, with no accounts beating current inflation at 2.7 per cent it still pays to search out the top rates.
According to figures from Moneyfacts.co.uk, the average one-year deal pays 1.24 per cent.
The average saver could therefore be losing out on £61.88 in interest for every £10,000 deposited, compared to the top new savings deal from Wyelands Bank.
The gap between the average rates and the best deals available is even bigger on deals lasting for 24 months.
Wyelands Bank’s new two-year account brings the gap to 0.65 percentage points, compared to an average of 1.5 per cent, that’s worth £134.63 in interest over the term.
The rewards for giving up access to your pot for longer are small, but the tables are shifting in the right direction with a flurry of rate improvements over the past week.
French-owned RCI Bank relaunched its three-year fixed rate account with a top rate of 2.31 per cent.
This is a slither beyond Tandem Bank which launched its first crop of savings accounts this week, and pays 2.3 per cent over the same three-year term.
Another bank to improve it’s three-year offering this week is Zenith Bank, which takes fifth position at 2.22 per cent.
Vanquis Bank sits top of the list at 2.61 per cent offering the highest rate across the whole market on a five-year fix.
Isa savers need to act fast to catch the best deals
Isa savers were also handed a boost this week as Aldermore upped its rates considerably to draw in deposits at the start of the new tax year.
The challenger bumped up its one-year cash Isa to a best-buy 1.5 per cent and revamped its two-year offering to 1.7 per cent, both taking pole position in the tables.
However, the table-topping deals didn’t hang around for long, and the bank pulled them just days later.
Savers can still find the top 1.5 year rate if they fix for a year with Al Rayan Bank. The bank is Sharia compliant and therefore quotes an expected profit rather than guaranteed interest.
Just below sits Kent Reliance with its 1.48 per cent deal, launched this week. Al Rayan and Kent Reliance also pay the highest rates available over two years, offering tax-free interest at 1.7 and 1.67 per cent respectively.
Both providers allow you to manage your account online, in branch and by post, Al Rayan also offers phone access. They also allow transfers in from an existing Isa.
Ford Money pays a slightly lower 1.65 per cent but the flexible Isa allows savers to replace any money they withdraw from their Isa in the same tax year without affecting their tax-free allowance.
Plus the savings arm of the car manufacturer has an added feature that allows savers to open several accounts under the same Isa wrapper, known as a portfolio Isa.
The top five year fix comes from Halifax at 2.25 per cent, but it’s still far below the latest inflation figures of 2.7 per cent.
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