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FInance: DEAL of the week

Interest rates are creeping up, as Legal & General demonstrates this week. The L&G offer is a one-year account - Term Savings V.

For savings between pounds 2,500 and pounds 5,000, the rate is 6 per cent gross, rising to 6.25 per cent on deposits between pounds 5,000 and pounds 10,000. Above that limit, the rate paid is 6.5 per cent gross. The snag is that the rate is fixed for only nine months, then your cash is switched into an L&G Direct Access account, where interest will be that applying at the time. Uncertainty in the final three months, but an attractive up-front deal.