Despite recent increases, interest rates remain below inflation.
6th October 2023
Gavin Jones See profile
The UK Bank Base Rate was held at 5.25% in September. You should check the rate on any savings accounts you have with high street banks, as these may be 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 (on Monday 2 October) an indicative sample of the rates you can secure at present are as follows:
Source: Moneyfacts.co.uk 02.10.23
There is also some cash held in portfolios for the purpose of paying fees and the rate for this cash with M&G Wealth, for example, is currently 4.25%, which while not the very best rate available is competitive.
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 Old Mill financial planner.