Top-fixed rate deals could fall below 5 per cent by the end of the month, savings experts have warned. Headline fixed-rate deals have been cut left, right and centre across different terms. This is Money analysis found that since the base rate was cut to 5% last week, at least 41 savings accounts have had their rates cut .
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OUR MOST POPULAR SAVINGS TABLES
- Top EASY-ACCESS deals with rates of up to 5%
- Best FIXED-RATE savings with interest as high as 6.2%
- CASH ISAS for tax-free savings: Rates as high as 5.78%
- The very best of NS&I: Premium Bonds at 4.65%
- MONTHLY INCOME seekers: Top rates of up to 6.03%
- Sign-up to our SAVINGS ALERT service for latest rates
NS&I launches new two and five-year fixed-rate bonds for first time since 2009... and boosts its three-year fix: How good are the rates?
The Treasury-backed savings bank has launched new two- and five-year fixed-rate versions of its British Savings Bonds for the first time in 15 years. It has also boosted the rate on its existing three-year British Savings Bonds, but for new savers only. We look at what the rules are on the accounts and how they stack up against other deals on the market.
BEST SAVINGS RATES AND BANK ACCOUNTS
MORE SAVINGS NEWS AND TIPS
Small banks offer top savings rates - but should you sign up with a lesser-known name? What to check before trusting them with your cash
Cast your eyes over a savings best-buy table, and you'll find most of the top rates are offered by relatively unknown banks such as Oxbury, Monument and NuWealth. It is easy to leave your money in a less attractive account due to inertia or forgetfulness, but some might feel these rates are too good to ignore - especially when compared to the paltry offerings from most high-street banks. So why are their rates so much better, and what should savers check before they take the plunge?
Giving customers a better experience means fintechs like Revolut are on the rise while big banks stutter, says ALEX BRUMMER
Fintech is one of the many areas where the UK has competitive advantage. The arrival of the new breed, with slick intuitive systems, which can only get better with AI, is to be applauded. Newcomers are able to shine by offering choices and service levels with which the established high street banks struggle.
What savers should do now before Labour sets its sights on our nest eggs: SYLVIA MORRIS explains how to protect your cash
Take cover. Our savings are likely to be in the line of fire over the next five years as the new Labour government turns its guns on finding more money. We will probably have to wait until the first Budget - which is likely to take place in September - to find out whether crucial savings allowances will be hit.
I've been debanked, says Nationwide rebel: Campaigner who demanded that members have their say on Virgin Money takeover has accounts frozen
Mikael Armstrong has mustered more than 5000 signatures demanding a vote on the deal - the largest takeover in the sector since the 2008 financial crisis. Armstrong argued that Nationwide's 16 million members, who own Britain's largest building society, should also be balloted. But in a surprise twist, we have learned that Armstrong's various accounts with the society were frozen in April - just as his campaign against the deal was getting into full swing.
Some lucky NS&I savers have been earning 11.11% but rates have tumbled - so should you hold or ditch? asks SYLVIA MORRIS
While soaring inflation has ravaged savers' nest eggs in recent years, one lucky group has remained unaffected. They are the holders of Index-Linked Savings Certificates from National Savings and Investments. What makes these savings accounts special is that they promise to always beat inflation -although only by 0.01 of a percentage point.
No age group is un-scammable! Two in three fraud reports now come from tech-savvy Gen Z and Millennials
The idea that tech-savvy youngsters are less likely to fall victim to scams online is a misconception, new figures suggest. Over the last 12 months, Gen Z and Millennials accounted for 65% of scams reported, data from money app Revolut reveals - with a scam expert putting it down to the fact they do more of their banking online.
Savers opening new bank account unable to speak to a human at seven in ten banks and building societies
Savers opening a new bank account are unable to speak to a real human at seven in ten British banks and building societies, The Mail on Sunday can reveal. Most banks do not have any customer service staff available to support those opening a new current or savings account, according to research for Investec Bank. Instead, new customers must direct their questions at an online chatbot - or worse, are left relying on information available on the bank's website.
How easy would it be to withdraw £5,000 in cash from YOUR bank and what do you need to do to get it?
Bank customers have found it harder to withdraw large sums of their own money over the counter at banks to use for the likes of building work or buying a used car. Some customers find themselves being asked for proof of an invoice, while others are point bank denied access to their own money. So just how easy is it to withdraw £5,000 from your bank if you needed a job or item paying in cash?
We've got £100,000 saved with Nationwide and have been customers since 1974 - why don't WE qualify for a loyalty payment?
We have been loyal members of Nationwide Building Society since 1974. During this time we have paid off our mortgage and have had a number of savings accounts with them. Currently, my wife and I have in excess of £100,000 held with Nationwide. We have both a savings account and a current account, so thought we would get the £100 fairer share bonus - but we won't. Why?
My golden rules for picking a regular savings account: Beware the tempting headline rates these are the real best deals, says SYLVIA MORRIS
Readers often ask me which is the best regular savings account. These are accounts designed for savers who put money aside every month and reward them with a generous interest rate. I wish there were a simple answer, and I could just recommend the account with the best rate. But what should be a straightforward account is usually wound up with reams of terms and conditions.
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THIS IS MONEY'S FIVE OF THE BEST SAVINGS DEALS
Chip* pays 4.84% to holders of its ‘instant access account’. The account can be opened with just £1. Its app only. Money will be held by the UK authorised bank ClearBank.
Charter Savings Bank pays 5.08% to holders of its ‘easy-access savings account’. The account can be opened with £1,000.
MBNA pays a rate of 5.27% on its one-year fixed rate savings account. This deal must be opened online on MBNA’s website and then managed by phone. The minimum deposit is £1,000.
Raisin UK* is home to a 5.05% one-year fixed rate savings account. It is offered by one of its partner banks Paragon Bank. You can open the account online via Raisin’s savings platform with a minimum deposit of £1,000.
Hampshire Trust Bank pays 5% to holders of its ‘two-year fixed rate deal’. The account can be opened online with a minimum deposit of £1.
Premium Bonds Winners
Prize | Area | Value of bond |
£1,000,000 | Outer London | £600 |
£1,000,000 | Devon | £20,000 |
£100,000 | Kent | £5,000 |
£100,000 | Kent | £100 |
£100,000 | Hertfordshire | £47,000 |
£100,000 | Gwent Valleys | £15,000 |
£100,000 | Humberside | £20,000 |
£100,000 | Devon | £500 |
SAVINGS ESSENTIALS
Savings calculator: Work out interest and investment returns on lump sums and regular monthly saving
THIS IS MONEY'S FIVE OF THE BEST CURRENT ACCOUNTS
Chase Bank will pay £1% cashback on spending for the first 12 months. Customers also get access to an easy-access linked savings account paying 3.8% on balances up to £250,000. The account is completely free to set up and is entirely app based. Also no charges when using the card abroad.
Nationwide's FlexDirect Account offers 5% in-credit interest to new joiners when they switch on balances up to £1,500. This rate only lasts for one year. The account is fee free.
Halifax Reward Account pays £150 when you switch. Also earn up to an extra £75 cashback when you spend £750 each month for 3 months. There is a £3 monthly account fee, but that’s stopped by paying in at least £1,500 each month.
First Direct will give newcomers £175 when they switch their account. It also offers a £250 interest-free overdraft. Customers must pay in at least £1,000 within three months of opening the account.
NatWest's Select Account account pays £200 when you switch. The account has no monthly charges, but to be elligible for the £200, you'll need to deposit £1,250 into the account and log into mobile banking app within 60 days.
Best savings rates: Savings platforms to manage your money in one place - with easy-access, fixed-rates and notice accounts and bonus boosters
A new wave of savings platforms have emerged in recent years which help savers keep track of their accounts more easily and move money into better rates after signing up. We round them up, look at the top rates from savings platform Raisin and reveal whether they beat the best buys in our independent This is Money savings tables.
HOW THIS IS MONEY CAN HELP
DON'T MISS...
Premium Bonds Winners
Prize | Area | Value of bond |
£1,000,000 | Outer London | £600 |
£1,000,000 | Devon | £20,000 |
£100,000 | Kent | £5,000 |
£100,000 | Kent | £100 |
£100,000 | Hertfordshire | £47,000 |
£100,000 | Gwent Valleys | £15,000 |
£100,000 | Humberside | £20,000 |
£100,000 | Devon | £500 |
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