Deposit rates update
While interest rates remain significantly below inflation, banks or building societies remain a safe place to keep your cash in the short term. Keeping enough money easily accessible on deposit should always be one of the foundations of your personal financial plan.
Although you should be holding adequate reserves of cash to meet expenditure requirements to avoid having to sell investment funds, historically over longer periods of time, the return on deposits struggle to keep pace with inflation and this is starkly seen at the moment.
20th July 2022
Gavin Jones See profile
One of the benefits, if it can be called that, of the increase in the Bank of England interest rate is a rise in the rates being offered currently on savings accounts. Looking at rates at the time of writing (on July 18) an indicative chart of the maximum rates you can get at present are as follows:
Source: Moneyfacts.co.uk (Monday 18 July 2022)
We have not included institutions in the table above as rates change quickly. If you wish to review the interest rates you are getting currently then do speak to your Financial Planner.