THE Cumberland has announced its highest saving rate for over a decade.

The Cumbrian building society, which is based in Carlisle, has announced the launch of a new savings account that offers up to 5.05 percent return on a five year fixed deal.

The move comes in response to interest hikes by the Bank of England and sees the building society offering its first five-year deal for savers.

As part of the new products launch, someone depositing £20,000 in this new account could expect to earn £4,576 in interest over the five-year period.

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The Cumberland has also launched two other fixed term deals, a one-year fixed rate which offers a return of 4.25 per cent and a two-year fixed rate which offers a return of 4.75 per cent.

Chris Cairns, head of product at The Cumberland, said that the new product is designed to help savers match current rising interest rates.

He said: "We’re offering this five year fixed deal to customers who will be pleased to see that, in a new era of rising interest rates, they can get a decent return on their savings, but may be wondering when those rates will peak and start to fall again.

"Savers using this five year deal guarantee themselves some long-term security that they can enjoy these higher returns until March 2028."

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