Savers can receive 4.8 per cent interest on their savings with the latest five-year fixed-rate bond from Shawbrook Bank.

The online bank has launched four new market-leading fixed-rate bonds, all paying above the 4 per cent mark. Its two-year fixed rate account pays 4.2 per cent interest, while the three- and four-year bonds both pay 4.45 per cent interest.

Interest is paid on an annual basis and customers will receive a statement each year and once the fixed term ends.

Savers will need to deposit a minimum of £5,000 and maximum contributions are capped at a generous £1 million. 

Owen Woodley, chief executive officer of Shawbrook Bank, says the best-buy accounts demonstrate the bank’s commitment to offering an 'excellent service' and its 'commitment to being straightforward and open' with customers.

'We know many savers will be concerned about what’s going on in Europe and whether their funds will be safe. Shawbrook is a traditional savings and lending bank with no exposure to the eurozone, which means that we are free of toxic debt, our bank is stable and savings are secure,' says Woodley.

Shawbrook Bank, launched in October 2011, is a specialist savings and lending bank.

This was written for our sister website, Moneywise