Investec has raised the rate on its two-year fixed-rate savings account from 4.8 per cent to 4.95 per cent, making it a best buy for savers who want to lock away cash for 24 months.
The increase pushes the account past the previous market leader, a 4.91 per cent deal from Scottish Building Society.
Investec is also offering one of the strongest rates on the market overall with a three-year fix paying 5 per cent.
The two deals mean savers now have more flexibility over how long they tie up their money while still earning a competitive return.
Earlier this month, Spring launched a new easy-access account paying 5 per cent on balances up to £5,000.
How Investec's two-year fix works
Investec runs online-only accounts, so savers need to be comfortable opening and managing one digitally.
The account requires a starting balance of at least £5,000, and savers can pay in up to £250,000. The same limits apply to each of Investec's other fixed-rate accounts.
Savers cannot make any withdrawals at all until the end of the term, and there is no 14-day cooling-off period, so money cannot be taken out if a saver changes their mind after opening the account.
Interest is paid annually. Deposits are protected up to £120,000 through the Financial Services Compensation Scheme (FSCS), which safeguards savers' money if their bank or building society fails.
Other top savings rates
Savers who want a shorter fix can get 4.85 per cent over one year from MBNA, which requires a minimum deposit of £1,000.
Those who want to keep access to their cash can turn to First Active, which offers one of the strongest easy-access deals at 4.55 per cent, including a 1.5 per cent bonus that runs for 12 months.
Savers willing to lock their money away for longer can get 4.85 per cent on a five-year fix from Vida Savings.
Whichever easy-access account is chosen, savers should compare their options and switch once any introductory period ends, since their cash could otherwise be left sitting on a poor rate.
Best options for tax-free savings
For tax-free savings, Trading 212 is offering the best easy-access cash ISA rate at 4.56 per cent, which includes a 0.96 per cent bonus running for 12 months.
The account requires just £1 to open and is a flexible ISA, meaning savers can withdraw money and put it back within the same tax year without reducing their annual ISA allowance.
Savers should compare rates once the 12-month bonus period ends, and bear in mind that any funds transferred in from another ISA earn a lower rate, since the boosted rate only applies to contributions made in the current tax year.
Hargreaves Lansdown offers the top cash ISA rate that does not rely on a limited-time boost, at 4.52 per cent. However, it is not a flexible ISA, so any withdrawals reduce a saver's allowance.
Hargreaves Lansdown also does not allow savers to transfer an ISA into the account directly. Savers must first open an account and transfer into its stocks and shares ISA, which means those who have already used their annual allowance elsewhere cannot move their funds in.
