State Bank of India tops the savings tables

State Bank of India's Hi Return Fixed Deposit Five-Year Bond tops the table for long-term fixed-rate savings accounts, paying an impressive 4.5%.

The account has a minimum investment of £1,000 and can be operated in branch or by post only.

In order to open the account you must have a State Bank of India savings or current account.


It's a great rate but you can only open it if you are certain you won't need your cash because in order to earn 4.5% you cannot withdraw any of your cash for five years.

The next best rate on the market is 4.25%, which is offered by Clydesdale Bank, but you'll need to deposit £2,000 to get that.

Anyone looking to squirrel away a smaller amount will have to go with BM Savings that is paying 4.2% on its five-year fixed-rate bond.