![]() Offer extended, now closes 4 September 2023. If you save the maximum each month, you will earn £135 in interest after a year.įor more information on other providers that offer top rates to existing customers, check out the top linked regular savings accounts.īelow are the best regular savings accounts. ![]() You can save up to £300 a month, giving you £3,600 after a year. However, you need to open a First Direct current account to qualify for one. This is because, unlike regular savings accounts, many easy-access accounts don’t have strict contribution limits so you can pay more into them.įirst Direct’s regular saver account is listed below and has a rate of 7%. While regular saver rates might sound good on paper, actually you could probably earn more interest over a year by opting for a top easy-access instead. If you save the maximum amount then after 12 months you could earn £121 in interest. Savers can pay in up to £250 a month, or up to £3,000 a year. This offer is only available to its members who have been customers since 31 May. Skipton Building Society has launched a regular saver account paying 7.5% a year. Read more: how regular savings accounts work. If you don’t have a lump sum to invest, you could be a regular saver instead by putting aside a set amount each month. If you have come into a windfall and already have your emergency pot of cash savings covered, read our article on how to invest £10,000.īelow are three easy-access savings accounts with the highest rates:īest for: Those who don’t have a lump sum but who want to save money on a regular basis. Compare this to a rate of 1% that many high street banks are paying, which would give you just £100 in interest all year. What is the best easy-access account?Ĭhorley Building Society is offering a top easy-access rate of 4.65%.īased on a deposit of £10,000 this would give you £465 in interest payments over a year. However, the interest rates are often lower compared to notice accounts or fixed-rate accounts.įind out more about easy-access savings accounts. Read more: Why you’re not getting the best savings rates and how banks can do better Best easy-access accountsīest for: Savers with a lump sum in their bank account which you might need in a hurry.Įasy-access savings accounts are simple types of savings accounts that let you withdraw your money without notice. She said: “The time for weak excuses is over.” The chair of the Treasury Select Committee, Harriett Baldwin, has criticised the banks for failing to pass on savings rates. It will then decide whether any action needs to be taken. The FCA said it will report on this issue at the end of July. During the meeting, the banks were told to be more open with their customers about their savings rates. The regulator, the Financial Conduct Authority, asked the bank executives how they decide on savings rates and said it had “challenged firms where their decision making has been slow”. The banks have been criticised for charging borrowers high mortgage rates while failing to pay out a similar level of interest for savings.īosses at nine major banks, including Lloyds, NatWest, Barclays and HSBC, met the financial regulator on 6 July to discuss why mortgage rates are rising so much faster than savings. While savings rates fail to keep up, mortgage rates are soaring. He said this was a particular problem for instant access accounts. This is despite the base rate rising by 4.9% during the same period.Ĭhancellor Jeremy Hunt said it was “taking too long” for banks to pass on rate rises to savers. Savings rates have failed to keep up with the rising bank rate.īack in December 2021, the average easy-access savings rate was 0.19%, but it is now 2.53%, according to data provider Moneyfacts. ![]() Savings accounts fail to keep up with rising rates ![]() However, despite 13 rate rises in a row since December 2021, the top rates on savings accounts haven’t kept up.īear in mind that rising interest rates mean you could end up paying tax if you exceed your personal savings allowance. When the base rate rises, interest rates are supposed to follow. Back then the rate was 0.1% but it is now 5%. The Bank of England has been increasing the base rate of interest since December 2021. *This article may contain affiliate links that earn us revenue What’s happening to interest rates? Read more: Best fixed-rate savings accounts If you’re looking for the best savings deal, here’s a quick rundown of the top interest rates on accounts at the moment: While interest rates are rising, the banks have come under fire for taking too long to pass on the full increase to savers. Here are the best savings rates on easy-access, fixed-term and regular accounts right now. A top-paying savings account can help you make the most of your money while interest rates are rising. ![]()
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