Cash point

If you’re looking for a fixed-term savings account you can get some good deals from unfamiliar sources.

Digital challenger bank Tandem has three accounts – its one-year offer pays 1.8%, for two years it’s 2.1% and the three-year deal is 2.3%.

The one-year rate is a good deal, but only for people with a minimum £1,000 and who are able to open an account on Tandem’s app.

For those who prefer telephone or postal banking, there’s an even better 1.86% one-year return from Al Rayan Bank, which is sharia compliant meaning it shares profits from ethical activity. Anyone can open an account with a deposit of £1,000, call 0808 278 0108 or see alrayanbank.co.uk.

Another option is Ford Money’s 1.7% over 12 months on balances from £500. Accounts can be opened on 0345 266 1231 or via the website fordmoney.co.uk.

All the accounts are protected up to £85,000 by the Financial Services Compensation Scheme.