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.
11th August 2022
Gavin Jones See profile
Savings rates will not yet take into account the increase in the Bank of England interest rate last week to 1.75% so we should see rates rise further in the coming weeks. Shortly after the last insight, National Savings and Investments announced a big increase in their rates with the Direct Saver account increasing from 0.5% to 1.2%. A further increase may now follow.
Looking at rates at the time of writing (on August 8) an indicative sample of the maximum rates you can get at present are as follows:
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.