Check What You Are Earning In Interest from Your Bank Account - it's likely you can do 500% better by changing accounts.
While even the best bank accounts have difficulty matching inflation - if you have just left your savings in your regular bank account it is often the case that you will be earning less than 1%. The best accounts can improve the return 5 fold. That; 's especially important to people, as the latest figures show that consumers are trying to save as best they can, in order to spend at Christmas.
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Consumers are cutting back on eating out and buying fewer takeaways to save up for Christmas.
The amount spent on going out to restaurants fell by 10.8% month on month in September, after a falll of 5.8% in August, according to the latest UK consumer card spending figures from Barclays. The cutbacks come as people are preparing for a big spending spree at Christmas. So if you are saving for the festive period, you are in luck as for the first time, in a long time, banks are. starting to offer some more competitive savings rates. A big change in the savings landscape.
The cutbacks come as people are preparing for a big spending spree at Christmas. So if you are saving for the festive period, you are in luck as for the first time, in a long time, banks are. starting to offer some more competitive savings rates. A big change in the savings landscape.
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Santander's Edge account offers 7% on deposits of up to £4,000, also with unlimited withdrawals. It's a great headline rate but there is important small print. It has a £3/month fee, so it;'s nothing like as attractive as it sounds.
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The NatWest Digital Regular Saver pays up to 6.17% on balances up to £5,000 and then 1.75% / 1.74% AER/Gross on balances over £5,000
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Coventry Building Society offers 5.2%, and pays it on £1+ in the account. However, it only allows three penalty-free withdrawals a year
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NatWest Group's Ulster Bank offers 5.2%. But you need to have a big chunk of money in. it to qualify - £5,000+
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Shawbrook Bank offers 5.11% AER with no restrictions, so it's actually more appealing than some of the higher rate accounts which do have limitations on withdrawals etc.
If you're willing to tie up your savings for a year, the best rate currently available is 6.2% AER, offered by National Savings & Investments. National Savings is owned by the government so is usually regarded as the safest of all despot takers.
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Rates change frequently and these figures may be different by the time you read them. Do have a look to see what the best buy tables show when you are ready to move your money. If you are not going with a high street well-known brand - ensure the bank is FCS regulated.