Best new money deals - March 15th

If you want to maximise interest...

  • Ikano Bank has tweaked its one-year fixed rate bond, which now pays 1.90 per cent upon its anniversary or 1.88 per cent monthly. Savers can invest from £1,000 up to £1 million. Additions are permitted within 14 days of the account opening but early access to funds is not allowed. This deal is for savers aged 18 and over and must be operated online.
  • Verdict: The 1.90 per cent one-year fixed rate bond from Ikano Bank is highly competitive and sits comfortably near the top of the market, holding a place in the Best Buys as a result. This product is ideal for any saver looking to maximise their interest over the shorter term.

If you have £5,000-plus to save...

  • Raphaels Bank has reviewed is 60-month fixed rate bond, which now pays 2.60 per cent yearly. Savers can invest from £5,000 up to £250,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and can be operated in branch and by post.
  • Verdict: Savers looking for a longer-term home for their savings will be intrigued by this update from Raphaels Bank. Paying 2.60 per cent, this 60-month fixed rate bond holds its place in the Best Buys. With no access to funds, savers must ensure that they are happy with their initial investment.

If you want to clear credit-card debt...

  • Tesco Bank has increased the 0 per cent interest balance transfer term on its Clubcard Credit Card for Balance Transfers MasterCard. This deal now has a 40-month interest-free term for balance transfers with an introductory fee of 2.69 per cent. Borrowers must be Clubcard holders and at least 18 years old with a minimum annual income of £5,000. Applications can be made online, by post and by telephone.
  • Verdict: Borrowers looking to get their credit card debts in order will be delighted by this latest update from Tesco Bank. Offering 40 months' interest-free, this deal heads straight to the top of the market and into the Best Buys. It is therefore likely to be a popular choice among borrowers who are looking to clear their credit card debts over the longer term.

Thanks to Charlotte Nelson at Moneyfacts.

  • There are more money-saving tips in every issue of Yours magazine, out every fortnight on a Tuesday.