Interest rates

The UK Bank Base Rate was cut to 4.75% in November from 5%. The Bank of England thought that interest rates would continue to come down, but perhaps more slowly than previously predicted as geopolitical pressures from the Middle East and measures in the Autumn Budget may cause inflation to rise from the current position.

The path of interest rates and inflation has seen a rollercoaster ride in the last few years.

Source: Office of National Statistics (ONS) 02.12.24

You should check the rate on any savings accounts you have with high street banks, as typically these remain far lower than market rates. While having a small amount in these accounts for convenience may be fine, you could be losing out on interest if you have more substantial deposits with them.

Looking at rates at the time of writing (December) an indicative sample of the rates you can secure at present are as follows:

Source: Moneyfacts.co.uk 02.12.24

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, please do speak to your financial planner.