*This article may contain affiliate links that earn us revenue Why are savings rates rising?Īfter more than a decade where interest rates were less than 1%, the Bank of England started increasing the base rate of interest December 2021 in an attempt to bring inflation down.īefore they started, rates had fallen to a 300-year low of 0.1% – in less than two years they soared more than 50-fold to their current level of 5.25%. Read more: Best fixed-rate savings accounts Here’s a rundown of the top interest rates on savings accounts at the moment:
If you’re willing to lock your cash away, you can earn nearly 6% annual interest on your savings – over 1% above CPI. Savers now have genuine choice when it comes to getting more from their money, and for the first time in two years, can earn a rate of interest that’s higher than inflation. Here are the top easy-access, fixed-term and regular savings rates to move your money to right now. After over a decade of paltry returns, top-paying savings accounts now beating the rising cost of living.
