Savings rates

The UK Bank Base Rate was cut at the beginning of August to 5% from 5.25% in the first fall since the beginning of the Covid pandemic in March 2020.

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 30 August) an indicative sample of the rates you can secure at present are as follows:

Source: Moneyfacts.co.uk 30.08.24

There is also some cash held in portfolios for the purpose of paying fees and the rate for this cash is currently 4.76%, which while not the very best rate available is competitive.

We have not included institutions in the table above as rates change quickly.