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- As interest rates rise, new best buys are coming thick and fast – don’t miss out
Products featured in this article are independently selected by This is Money’s specialist journalists. If you open an account using links which have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.
While inflation rises and interest rates follow suit as the Bank of England tries to keep it under control, invariably savings providers start to offer accounts with more attractive rates to their long-suffering customers. In a world of apparent gloom, this is good news. You don’t want to miss out.
When we hear about a new best buy savings account you can be among the first to know.
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A pointer on which savings account to choose
Check if you have cash languishing in account now paying say 0.01 per cent that you didn’t realise had become a worthless enterprise. Even Government-backed NS&I, the Premium Bonds provider, is guilty of holding the money of customers in disgraceful accounts such as these and not informing them. Check your paperwork.
By the end of August 2022 after the first flood of rises, the average easy-access account [the one where you can withdraw cash throughout the year without penalty] had got more attractive but was still paying a meagre 0.77 per cent – yet this was a NINE-YEAR high. Can you do even better? You can.
The average one-year fix had risen to 2.21 per cent – its highest level since January 2013 and even more attractive longer-term fixes were hitting rates not seen for a decade at almost 3 per cent.
These averages are dragged down by often complacent, intransigent, arrogant (choose your adjective) larger banks offering a pittance. You need to shop around. There are plenty of new, reputable banks on the block worth checking out.
By early October, rates have been topping 4 per cent – and edging towards 5 per cent. Wherever your money is held, unless it’s still in a decent longer-term fix, you could probably do better.
Best buy alerts: This is Money aims to give its readers the edge as interest rates rise.
What savings deal should you go for?
With rates rising like Mentos in a Coke bottle it can be difficult to know when to bite and select an account – especially with fixed accounts, where your money is tied up for a year or more and you then have to watch other rates burst through the Ozone while you’re stuck on dry lawn. Don’t watch. Read on.
Easy-access account holders can move their money at will. But the difference between a best easy-access deal and a best one-year fix can be a FEW HUNDRED pounds a year in interest on a £10,000 deposit.
One potential solution for savers who are concerned about losing access to their cash, but also keen to boost their rate is to consider a notice account. A notice account is a halfway house between an easy-access and fixed rate account.
Tax-free cash Isas also look like they might once again become more important in your savings armoury. As rates rise, you need to keep an what the taxman is eyeing up on the interest you earn. With an Isa you are shielded.
This is where your journey and your knowledge begins.
Sign up to our savings alerts and we’ll send you an article with details of the new best-buy account that’s been announced plus loads of links to tips, research and explainers about the latest deals on offer.
As a taster of what’s in store, below are a few of the latest deals chosen by our editorial team, with a link at the bottom to our famous savings tables, launched more than 20 years ago. They are as independent and reliable as they were at the turn of the Millennium when the average savings rate was… somewhere in the region of where we’re heading in 2022.