Icesave, a UK savings account offered by Landsbanki, cut the interest rate on its popular savings account to 6.05% last week. Instead, it suggested customers switch to its fixed-rate account, which pays 6.7% regardless of cuts to the UK base rate. Investment experts say short-term fixed-rate accounts holding under £35,000 could be the safest option, and Moneyfacts' Rachel Thrussel called fixed-rate accounts a safe investment. Other banks also offer rates not seen in seven years, including West Bromwich at 6.55% on instant access and 6.75% on short-term fixed accounts from Anglo Irish Bank and the West Bromwich building society. All UK savings up to £35,000 are covered by the FSCS.
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