Zopa Bank has moved to the top of the best buy tables for two-year fixed rate savings.
It is currently offering an annual equivalent rate of 1.15 per cent for two years.
The sister banking brand to the peer-to-peer lending platform moved up the tables after DF Capital’s best buy two-year fixed rate bond paying 1.2 per cent was withdrawn from the market.
Savers can access one, two, three, four and five-year fixed rates for a minimum deposit of £1,000 through Zopa Bank.
The rates on offer are one per cent for one year, 1.15 per cent for two years, 1.2 per cent for three year and four years and 1.3 per cent for five years.
Zopa Bank’s one, three, four and five-year products are still competitive but are not best buys.
Tandem Bank currently offers the top one-year savings rate at 1.05 per cent and savers can get 1.4 per cent with United Bank Limited for three years and 1.5 per cent for five years.
Zopa Bank’s one-year product was given an “excellent” rating by comparison website Moneyfacts in September.
“The account cements its position within the top 10 when compared to other accounts with similar terms and could be attractive to savers looking to supplement their monthly income,” said Eleanor Williams, finance expert at Moneyfacts.co.uk.
“Those able to meet the minimum investment of £1,000 may be pleased to note that while early access is not permitted, further additions are available within 14 days of account opening, therefore careful planning is advised.
“On balance, the deal earns an Excellent Moneyfacts product rating.”
Read more: How Zopa Bank can crack the savings market