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JN Bank increased the on one of its fixed accounts this week to 4.45%, earning an "excellent" Moneyfactscompare rating.

add a layer of certainty to saving, as they enable people to lock in an interest rate for a set length of time. However, they typically come with additional restrictions, such as a limit on withdrawals, making them a better option for those who are able to for a fixed period and don't need instant access to their funds. The interest rate is fixed on JN Bank's account for five years and is paid on the anniversary of opening. Savers can launch the account with a minimum deposit of £100, and up to £500,000 can be put away overall.

Commenting on the deal, Caitlyn Eastell, spokesperson at , said: "JN Bank has increased the rate on a selection of its Fixed Term Savings Accounts this week. The five-year option now pays 4.45%, which takes the market-leading position. Savers can make initial deposits as small as £100.

"As is the case with many fixed term accounts, earlier access is not permitted, so savers must be comfortable not having any access to their cash for the full term."

However, the savings expert noted that customers can make 11 additional payments after initial funding for 14 days from the account opening, which may bring some "positive news" for those needing more flexibility.

She added: "On assessment, the account earns an Excellent Moneyfacts product rating."

Birmingham Bank joins JN at the top spot for five-year fixed rate savings accounts with an Annual Equivalent Rate (AER) of 4.45%. You can launch the account with a minimum deposit of £5,000, and up to £250,000 can be saved overall. Interest is paid on the anniversary of opening, and withdrawals cannot be made until the account matures.

Secure Trust Bank places just behind with an AER of 4.42%. Savers need a minimum deposit of £1,000 to launch the account, and up to £1million can be held overall. Interest is paid annually, and withdrawals are not permitted.

Atom Bank also places competitively with a 4.4% AER. A much smaller opening deposit of £50 is required, and up to £100,000 can be saved overall. Interest is paid on the anniversary of opening, and withdrawals are not allowed.

Savers opting into fixed-rate savings deals are being urged to be wary of the tax rules as hundreds of thousands of Brits are projected to be landed with a bill this year.

While themselves aren't taxed, the interest they generate can be, especially now, as higher rates are pushing more people over the longstanding Personal Savings Allowance.

Currently, basic-rate taxpayers can earn up to £1,000 of interest tax-free each year, while higher-rate taxpayers are limited to £500. Additional-rate taxpayers get no allowance at all.

Because taxes interest in the year it becomes accessible, savers using multi-year deals may find that accumulated payouts push them into taxable territory.

To avoid being caught out, Laura Suter, director of personal finance at AJ Bell, suggested opting for an account where the interest is paid out monthly or annually. She said: "This means it is spread across different tax years. Or you can opt for a fixed-term ISA savings account, where you won't pay any tax on the interest."