The launch of Nationwide’s eight per cent financial savings account final month has put additional strain on peer-to-peer lenders to maintain tempo.
The constructing society’s Flex Common Financial savings account, which was accessible from 21 September, is the very best charge available on the market for a decade.
Learn extra: New period for options as traders flock to fastened earnings
It’s not the one aggressive deal accessible. In keeping with Cash.co.uk, Ford Cash is providing two fastened charge bond accounts paying 6.05 per cent, over an 18-month or a two-year fastened time period.
In the meantime, the top-paying money ISA as of 6 October was at UBL. Savers have been being provided 5.86 per cent to lock their cash away for one yr.
Learn extra: Buyers favour low-risk methods amid financial uncertainty
P2P lending platforms have additionally been growing their charges in an effort to compete with financial savings accounts. easyMoney final month unveiled its newest charge hikes, which can convey its returns to between 5.28 per cent and 10 per cent. Equally, property lender Loanpad has been elevating investor charges virtually each month for the previous yr, with its traders now incomes between 5.5 and 6.3 per cent.
Folk2Folk, Kuflink and CrowdProperty have all elevated their goal returns this yr to between 8.75 and 10.5 per cent.