Rachel Springall record information wellness UPS COST Analysis Markets Rachel Springall

People with money in a savings account urged to check the interest rate now

Reading now: 838
dailyrecord.co.uk

People with money in a savings account are being urged to check they are not missing out on a better rate of return after analysis by Moneyfactscompare.co.uk found that there are now more than 1,300 inflation-beating accounts on the market.

The best deals are offering 5 per cent, so if your hard-earned savings are languishing in an account paying less, now is the time to move them.The financial information website found 1,364 savings accounts that beat inflation, including easy access and notice accounts, as well as ISAs and bonds.

The Office for National Statistics (ONS) said on Wednesday that Consumer Prices Index inflation stood at 3.2 per cent in March, slowing from 3.4 per cent in February.In April 2023, there were no cash savings deals that could beat the inflation rate of 10.1per cent in March that year, according to Moneyfacts’ records.Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said: “Savers will find a bit of volatility within the top rate tables since last month, so it’s essential to review their nest egg to ensure it’s still paying a competitive rate.“Inflation eats away at savers’ hard-earned cash, so it’s worth keeping this in mind when comparing different savings accounts to ensure they are earning a decent real return.“One area of the savings market to see another drop in the top rate is one-year fixed bonds.

The best deals today are still paying over 5 per cent, but at the start of 2024, the top rate paid 5.50 per cent.“Providers have been reducing fixed rates over recent months as expectations grew for future interest rates to come down.

Read more on dailyrecord.co.uk
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA