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.
6th October 2022
Gavin Jones See profile
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.
Looking at rates at the time of writing (on October 3) an indicative sample of the maximum rates you can get at present are as follows:
Source: Moneyfacts.co.uk 03.10.22
With rates rising rapidly, we typically see mortgage rates increase almost immediately but savings rates can take a little time to catch up. In particular the NS&I rate is lagging behind markets rates as it has done for some time now.
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.