moneysupermarket.com comments on the launch of Rothschild's fixed rate deposit account

Commenting on the launch of Rothschild's fixed rate deposit account, Kevin Mountford, head of savings at moneysupermarket.com said;

"This move by Rothschild highlights a change in the savings market.

A few months ago, no new brand would have been able to dip its toe in the savings pond, however Rothschild's two year fixed rate deposit account at a high 4.35per cent AER, brings some welcome competition to the market for those with a ?20,000 deposit.

"We have seen a flurry of providers introducing two year fixes and customers who can lock in their money for this period of time can benefit from the high rates available.

However, people should avoid locking in for longer than two years as they run the risk of missing out on higher rates when the Base Rate increases.

"Consumers who have spare cash to put away in the Rothschild account should move quickly though, as it will only be available until 24 June.

Rothschild is a member of the Financial Service Compensation Scheme, meaning savers are 100 per cent covered for up to ?50,000".

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