moneysupermarket.com comments on First Bank of Nigeria's new FirstSave fixed rate bonds

Commenting on the First Bank of Nigeria's new FirstSave fixed rate bonds paying 7.10%, Kevin Mountford, head of savings at moneysupermarket.com, said:

"The new overseas brands continue to push the boundaries in terms of savings rates and now the focus is well and truly turning to fixed rate bonds.

Savings providers are mindful of the risk that easy access presents, as funds can leave as quickly as they arrive.

'Sticky' funds secured via fixed bonds are therefore a huge bonus to banks and building societies.

"Regardless of the messages coming from the Bank of England about interest rates remaining flat due to the spectre of inflation, there's more chance of them falling than rising, which makes it a great time for those with spare cash to lock it away.

Anything above seven per cent is not to be sniffed at.".

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