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Savings rates

Despite recent increases, interest rates remain significantly below inflation.

With the UK Bank Base Rate increasing again in May to 4.5%, deposit rates continue to increase but you should check the rate on any savings accounts with high street banks as these are now much 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.


16th June 2023

Looking at rates at the time of writing (on Monday 12 June) an indicative sample of the rates you can secure at present are as follows:

Source: 12.06.23

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.