Kent Reliance launches best-buy 1.9pc fixed-rate bond Building society Kent Reliance has placed itself in the best-buy tables this week with two fixed-rate bonds, paying 1.9pc on a one-year deal and 2.2pc for savers who lock in their money for two years. The market-leading one-year deal overtakes similar offers from the Post Office (1.8pc) and BM Savings (1.75pc). Its two-year deal also beats Shawbrook Bank (2.12pc) and Paragon Bank (2.1pc). What makes the move significant for savers, says Sue Hannums of savings advice site Savingschampion.co.uk, is that Kent Reliance is going against the current trend of falling interest rates on fixed-rate deals. The rates are also flexible, "giving a monthly interest option and allowing withdrawals subject to a penalty, if needed." Earlier in October, savers were left disapointed when a two-year bond paying 2.75pc was withdrawn after just 48 hours. Chorley Building Society pulled the product due to "overhelming success," no doubt due to its exceptionally high rate compared with other two-year accounts on the market. Savers need £1,000 to open the Kent Reliance account, by branch or online, so people with less cash to spare can opt for BM Savings' one-year deal, paying 1.75pc on balances above £1, or Saga's two-year deal, paying 2.1pc on balances above £1. Previously Kent Reliance paid 1.75pc (one year) and 2.1pc (two years). Unusually for a fixed rate bond, withdrawals are allowed from the bonds, but savers will lose 180 days of interest on the amount withdrawn. "Hopefully we will start to see more providers following Kent Reliance's example and release some better rates to force rates back in the right direction," Ms Hannums said. Regular savings accounts can offer up to 6pc interest, but what's the catch?