How top fixed deals last for just ONE DAY

THE best fixed- rate bonds are disappearing fast, so you need to act now to snap up a new deal.

The top rates on offer from Sainsbury’s Bank were available for just 24 hours before the bank closed them to new savers because of huge demand.

Fixed- rate bonds from other providers have also fallen sharply. Halifax has cut the rate on its top three-year fixed-rate bond to 2.6 pc after tax ( 3.25 pc before) from 3.08 pc (3.85 pc).

With inflation running at 3.2 pc as measured by the RPI, savers need to earn 4 pc before tax merely to retain the value of their savings over the year.

This rate is impossible to find on savings accounts unless you are willing to tie up your money for five years.

The top one-year bond comes from Close Brothers, which pays 2.64 pc (3.3 pc) for a minimum £10,000.

The best you can do in the High Street is 2.6 pc (3.25 pc) from Post office, or Virgin Money at 2.4 pc (3 pc). Just a few weeks ago, savers could find High Street rates of 2.8 pc (3.5 pc).

on two-year deals in the High Street, among the top rates is 2.6 pc (3.25 pc) from Co-op and Britannia, down from 3 pc (3.75 pc) just weeks ago. Close Brothers pays 3 pc (2.75 pc), minimum £10,000, for two years, on its postal account.

on three-year deals, the top rate comes from Tesco Bank at 2.96 pc (3.7 pc), while both the Co- op and Britannia pay 2.9 pc (3.62 pc). A few weeks ago, they were willing to pay 3.2 pc (4 pc) to attract new savers.