The bank offering the top 18-month and three-year fixed savings deals has today stopped accepting online applications for the products due to "unprecedented demand" – and from tomorrow both rates will be slashed.
The Metro Bank savings accounts, which launched 4 November, offer market-leading rates today-only – the 18-month fix's 2.4% pips Shawbrook Bank's 2.35% to the top spot, while the three-year fix's 2.7% is ahead of Charter Savings Bank and Shawbrook Bank, which have rates of 2.55%.
Both Metro Bank accounts featured prominently in our email this week, with the 2.4% 18-month fix the highest interest rate we've seen on a sub-two-year fix since May 2013.
However, the bank has today stopped selling the deals online to new customers. You can still get the top rates if you go in-branch today, but this effectively shuts out those not living in London, the South East or Cambridge, where its branches are located. You can find your nearest one with its branch locator.
Existing customers can still open the accounts online today, although to be an existing customer you would have had to have opened an account in a branch at some point.
Rates slashed tomorrow
But from tomorrow, while the accounts will become available online for new customers again, and continue to be available to everyone in-branch, the rates will be slashed.
The 18-month fix will drop from 2.4% to 2.05%, which assuming no other rates change tomorrow, will no longer be market-leading. Meanwhile the three-year fix will be cut from 2.7% to 2.3%, which again, assuming no other rates change tomorrow, will no longer be the top pick.
See MoneySavingExpert.com's Top Fixed Savings Accounts guide to get the best rate for your money.