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Yesterday it was announced that inflation, as measured by the Consumer Prices Index (CPI), has risen to 2.90% from 2.60%. Therefore, it remains as important as ever to make your hard-earned savings work as hard as possible.
Many High Interest Current Accounts continue to pay interest rates far higher than standard easy access accounts, albeit on smaller balances. So, for those who are willing to put in the extra work required to meet the more complex terms and conditions, rates of up to 5% AER can be achieved.
For those who have larger deposits, it remains important to keep some money in an Easy Access Account for a rainy day, with accounts paying up to 1.25% gross/AER.
It is also worth considering Fixed Rate Bonds to maximise your interest, although many providers will not allow the funds to be accessed before the account matures. So, be sure you can tie this money up for the full term of the bond.
Finally, for those who haven't used their Cash ISA allowance this year or for those looking to transfer to a new account, take a look at our Variable Rate Cash ISA and Fixed Rate Cash ISA tables.
For other options, click on the links below or give us a call on 0800 321 3581, we'd love to hear from you.
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