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Some savings providers have opened Best Buy accounts and are withdrawing them within hours of opening as interest rates continue to rise.
As a result, it means savers have less time to act or risk missing out on top accounts.
Savings rates have risen rapidly in recent months, with new accounts frequently topping independent savings best buy tables.
However, many challengers and building societies are able to withdraw their accounts quickly due to their small funding goals. Especially given the current high demand from rate-hungry savers.

Broken Plans: Rates are rising fast, but the best buys don’t always improve quickly.
Once enough cash has been deposited, the provider will withdraw the transaction.
For example, Close Brothers last week launched a market-leading 1-year fixed paying 4.25% and a 2-year fixed cash Isa paying 4.15%.
Both trades opened at 9:45 am on Wednesday. However, they were pulled over by 4:38 pm.
>> Sign up for our savings alert service to stay up to date when the best rates occur.
We saw many similar examples last week. Yesterday, Charter Savings Bank withdrew its market-leading one-year fixed rate of 4.31%, just four days after its launch.
On Friday, Melton Building Society withdrew its 14-month fixed rate contract of 4.2%. It was only available for 1 week.
Similarly, Secure Trust Bank launched a 1-year correction of 4.2% at 9:45 am on Tuesday and closed at 1:00 pm the next day.
Last month, Castle Trust Bank and Newcastle Building Society both launched notable market-leading fixed-rate deals, but only withdrew within days.
This is Money mentioned in the launch of a market-leading one-year deal by Newcastle, but the deal was withdrawn hours later.
A Mutual spokesperson said at the time, “The 1-year fixed-rate bond was so popular that it filled up quickly and was withdrawn at lunchtime.”
While interest rates are rising, savers may feel they have nothing to lose by holding on to the belief that if the best buy is withdrawn, there will soon be something better instead. .
But while it’s true that interest rates are rising rapidly, the best buys don’t always improve quickly.
Earlier last week, Hargreaves Lansdown’s savings platform* was offering a six-month fix paying 3.35%.
It has since been withdrawn, and there are currently no 6-month deals available on the platform, and no 6-month deal better than the one that was withdrawn.
Zenith Bank’s 6-month contract, which pays 3%* via platform Raisin UK, is the next best rate currently available.
Signing up for the first time with Raisin via the link above and depositing £10,000 into your account also secures a £30 welcome bonus.
This means that a £10,000 deposit can effectively secure an effective return of £180 after 6 months instead of £150.
Savings Champion co-founder Anna Bowes said: over ten years.
“So if you find a rate that you like the look of, it might be wise to jump on board with it, as some of the best rates are withdrawn in just a few hours.
“If you wait too long for interest rates to go up, you will miss the chance that interest rates will rise in the meantime.”
What is today’s best rate?
While many major banks still pay dismal returns to savers, the highest easily accessible savings rate has jumped to 2.5%, with more than 13,300 price increases on variable accounts in the last nine months alone. rice field.
There are currently 10 providers paying 2 percent or more. The best are the Al Rayan Bank 2.35% deal and the Yorkshire Building Society 2.5% deal, although the latter only has a maximum balance of £5,000.
Following the withdrawal of today’s charter savings bank, Banki Bank is the current market-leading one-year fixed rate deal that pays 4.25%.
For now, Charter Savings Bank leads the two-year front in deals paying 4.62%.
Nationwide also offers the best 3-year fix that pays 4.75%.
For depositors who want to protect the interest they earn from the tax office, the Cash Isa product may be the best fit.
The most easily accessible cash Isa deal is currently offered by Coventry Building Society’s 2.25% deal, but is limited to six fee-free withdrawals per year.
For fixed-rate cash Isa transactions, Shawbrook Bank and Gatehouse Bank both currently offer one-year contracts that pay 3.7%.
Gatehouse Bank is also home to market-leading two-year contracts, paying 4%.
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