Beehive Money has increased the interest rate on its one-year fixed savings bond to 5.18 percent, earning an “excellent” Moneyfactscompare rating.

Savers need a minimum of £500 to invest to launch the account, and interest is paid on maturity.

Fixed savings accounts can offer certainty during the current period of falling rates, as these enable people to lock in an interest rate for a set length of time.

However, they typically impose stricter withdrawal limits on customers, meaning savers…