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Today, it was announced that inflation, as measured by the Consumer Price Index (CPI), increased from 0.90% to 1.20%. This is the highest that CPI has been in over 2 years.
As a result, there are currently over 2,800 savings accounts that pay 1.20% or less, which means that over three quarters (78%) of accounts are not even beating inflation. The highest paying easy access account, that is available to all, is currently 1% gross/AER. This means that most savers are now unable to beat inflation when opening a standard easy access account. However, you can still beat inflation and retain easy access through High Interest Current Accounts, with rates of up to 5% AER on offer, from the likes of Nationwide. For those who are happy to tie up their funds, Fixed Rate Bonds are another great way to earn a return that beats inflation, with the highest rate 2.01% gross/AER for 5 years from Masthaven Bank. As always, if you need any help with your savings or want to discuss further options, please call us on 0800 321 3581, we’d love to hear from you. |
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Best Savings Deals SummaryIf you have any queries regarding our Best Buy Tables, an account featured or the suitability of the account for your needs, please call us on 0800 321 3581.
Our Best Buy Tables are based on whole of market research, independent and have no commercial bias, ensuring that you can rely on them to make an informed decision. Alternatively, please call us on 0800 321 3581 to discuss your savings with one of our expert advisers. |
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