Should you lock into a fixed-rate savings account paying 5.25%?

Returns on fixed-rate savings are at “multi-year highs,” with some deals now paying up to 5.25%, according to Moneyfacts. The data provider said competition has helped lift rates, and the average new one-year fixed savings bond is 4.41%. Top one-year offers include GB Bank at 5.05% and Kent Reliance at 5.06% for 13 months, both with a £1,000 minimum deposit. For longer terms, GB Bank, Shawbrook Bank and Vanquis are among those paying 5.25% on five-year bonds. The article notes that earlier in late 2023, fixed bonds paid around 6%, and expects the Bank of England base rate could rise again before year-end. It also suggests splitting cash between fixed and easy-access accounts.