![]() Try The Telegraph free for 1 month, then enjoy 1 year for just $9 with our US-exclusive offer. The ‘top-paying’ regular savings accounts (and how to beat their rates)īroaden your horizons with award-winning British journalism. The flat Bank Rate and expectations of rate cuts this year has encouraged a slow down in the savings market, resulting in the withdrawal of top rates of more than 6pc. It had raised the Bank Rate at 14 consecutive meetings, from a low of 0.1pc in December 2021. The Bank of England has held the Bank Rate at 5.25pc since August last year, as the rate of inflation fell more quickly than expected. “If you look back to December 2021, Bank of England figures showed the average easy access account paid 0.09pc, whereas the best on the market are currently offering over 5pc.” Ms Coles added: “However, it’s worth putting this in context, because we would have given our right arm for rates this strong for most of the past decade or so. Sarah Coles, of broker Hargreaves Lansdown, said: ”We’ve seen a substantial drop in savings rates from the peak, so savers who are fixing now are set for less interest.” “Why wouldn’t you lock in a higher rate while they’re still available?” Mark as New Bookmark Subscribe Subscribe to RSS Feed Get shareable link Print Report EAAljo. ![]() On Wednesday, the top five one-year fixes, with Investec, Hanley Economic Building Society, Ikano Bank, Union Bank of India and Reliance Bank, ranged from 5.3pc to 5.5pc.Īlex Sitaras, of Skipton Building Society, said: “It looks like rates have reached their peak now, and although they might stay at their current levels for a while, I think we’ll see even more savers taking advantage of fixed term products that have a higher interest rate than instant access. Hi, can i somewhere download NHL 2009 on PC I cant find it anymore. Savers have been urged by experts to lock in rates now, before they fall further. The one-year average fell even further during the festive period, to just 4.86pc this week, according to financial analysts Moneyfacts. It comes after a bumper year for savings, as rates rose to more than 6pc on many market-leading accounts.īut December 2023 saw the largest month-on-month cut in rates since February 2009, as the average one-year fix fell from 5.36pc to 5.13pc. This is £630.74 less than those who fixed at the top 6.2pc rate just a few months ago. Savers who stashed money away in the accounts before they were pulled can expect to earn £5,436.32 on holdings of £85,000 over the one-year term.īut those fixing for one year now can only achieve 5.5pc with Reliance Bank, reducing their interest earnings over the term to £4,805.58. But the Treasury-backed savings body pulled the rate after just six weeks, in one of the first signs that the market was heading into a downturn.
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