While interest rates remain significantly below inflation, banks or building societies remain a safe place to keep your accessible cash requirement in the short term.
9th February 2023
Gavin Jones See profile
With the UK Bank Base Rate increasing again at the beginning of February to 4%, rates continue to increase although savings rates are much slower to catch up compared to mortgage rates which tend to increase almost immediately.
Of note, there was a further increase in the rates from National Savings & Investments with the prize pot for Premium Bonds going up to 3.15%.
Looking at rates at the time of writing (on Monday February 6) an indicative sample of the rates you can get at present are as follows:
Source: Moneyfacts.co.uk 6.02.23
We have not included institutions in the table above as best buy rates change quickly.
If you wish to review the interest rates you are getting currently, please do speak to your Old Mill financial planner.