Zenith Bank is offering a three-year fixed rate savings account paying 4.7 percent interest, earning an “excellent” Moneyfactscompare rating.

The account can be opened with a minimum £1,000 investment by savers aged 18 and over and interest is paid on the anniversary. Commenting on the deal, Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, said: “This week Zenith Bank (UK) Ltd has reduced the rates on its Fixed Term Deposits. Among the accounts to receive a cut is the Three Year Fixed Term Deposit.

“Despite dropping to 4.7 percent, this continues to pay a competitive rate when compared to similar bonds. This could be an attractive option for savers who are comfortable with locking away their savings for a prolonged period to receive a guaranteed return.”

Ms Eastell added: “Early access and further additions are not permitted with this account, so savers will need to plan carefully from the outset. Overall, the account receives an Excellent Moneyfacts product rating.”

But while Zenith Bank may be offering an appealing deal, it isn’t currently topping the table. Post Office Money is offering a three-year fix with an Annual Equivalent Rate (AER) of five percent.

The account can be opened by savers aged 11 and over with a minimum deposit of £500. Up to £1million can be invested overall and interest is paid on the anniversary. Withdrawals are not permitted until the term ends.

Placing just behind is Al Rayan Bank’s 36-Month Fixed Term Deposit paying an Expected Profit Rate of 4.95 percent.

Instead of paying interest to savers, Al Rayan Bank, as an Islamic bank, invests customers’ deposits in ethical, Sharia-compliant activities to generate a profit.

The account can be opened by savers aged 18 and over with a minimum deposit of £5,000 and up to £1million can be invested overall. Profit is paid quarterly and withdrawals are not permitted.

Castle Trust Bank is also offering a competitive three-year fixed savings account paying an AER of 4.8 percent.

Savers aged 18 and over can launch an account with a minimum deposit of £1,000 and interest is paid on maturity.

Up to £500,000 can be invested overall and withdrawals are also not allowed until the term ends, meaning savings should feel comfortable depositing funds without dipping in.