FirstSave, a little know Nigerian bank, has once again topped the tables for fixed-rate bonds. Find out more about its products here.

By Iona Bain

FirstSave is once again one of the most competitive savings providers on the market after launching a one-year fixed-rate bond paying 3.6%.

The product is currently a top buy in its group alongside the AA and Shawbrooke bank, two other small providers who are attempting to grab savers' attention. The bond can be opened with a minimum of £1,000 and is only available online, highlighting the need for savers to get on the web to find the best deals.

FirstSave can also lay claim to the best two-year bond around, paying a very generous 4%. Again, savers need a minimum deposit of £1,000, but millionaire readers should note that up to £2 million can be placed in the account.

In the past, there have been concerns that FirstSave, a Nigerian bank, would be less safe than its British competitors, but it is covered under the Financial Services Compensation Scheme, so savers will have up to £85,000 of their money covered should the bank go bust.

FirstSave bank has traditionally led the way with rates on fixed-rate bonds. It was paying 3.25% on its one-year bond in 2010, the best product of its kind back then, but it is now paying that rate for a six-month bond, which could be ideal for those who do not want to commit to a long-term savings account.

Allied Irish Bank is offering the next best options on the market - 3.5% for a one-year bond and 3.9% for a two-year bond.