With inflation falling to 0.30%, it’s now much easier for all savers, even higher rate tax payers, to find an account that pays a rate that is higher than inflation (CPI that is).
However, as the recent Financial Conduct Authority (FCA) Cash Market Study concluded, there is over £160 billion in accounts paying 0.50% gross/AER or less. Even though this is slightly more than the current rate of inflation - so in theory savers would be making a real return on their cash - it's still a shockingly low interest rate. Anyone in these accounts needs to switch to earn as much interest as they can – take advantage of this low inflation period.
There are over a thousand personal savings accounts paying a paltry 0.50% or less and hundreds paying inflation (0.30%) or less. You don't have to stand for it.
Some classic examples include the Halifax Liquid Gold paying just 0.10% gross or worse the HSBC Flexible Saver paying a ridiculously low 0.05% gross.
If you're getting a bad deal from your savings provider it’s time to switch.
Our free Rate Tracker service was launched with one main aim. Keeping savers fully informed.
The FCA study is calling on providers to give savers clear, engaging and straightforward information and that’s exactly what our free Rate Tracker already does. Giving savers basic information about their accounts from the current interest rate, updates on rate changes and importantly how the account compares to the whole UK savings market, should enable savers to make the best choice for their savings needs.
But we like to go one step further than even the FCA report suggests. You can call us and speak directly to one of our savings advisers, happy to help with any of your savings questions from understanding ISA rules to finding the best rates for business savings accounts – we’re here to help.
Unlike your bank or building society we search the whole UK savings market and give you unbiased, whole of market information on the best accounts available. And for those with larger amounts to invest we can build you a bespoke savings portfolio, personalised to your requirements to get the very best cash returns.
Even in the current low interest rate environment you can still get a decent return on your cash, you just need to know where to look. High interest paying current accounts for example are offering some of the best rates for savers including the new Clydesdale and Yorkshire Bank current account paying an equivalent rate of up to 7% AER in the first year. Utilising a variety of accounts can mean that even larger sums can access the very best rates available.
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