You can still get above inflation interest for your savings – but it’s harder than it was six months ago.
In recent weeks and months, savings rates have been cut from 5% to 3% at TSB and 3% to 1% at Tesco, 5% Regular Savers have been axed at Nationwide, First Direct and HSBC, and the leading easy access savings account from Marcus fallen to 1.45%.
With fewer options available, Andy has shared where you can put your cash with interest that will beat inflation.
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Watch who you save with. I applied online for a Marcus easy access account and one with Al Ryan Bank. They messed up so I abandoned the applications. Also some time ago I applied online for a HSBC bank account and despite my consistent 90% plus credit rating, the message on the screen said to phone as there was a problem! No one answered the phone, not even to potential new business. The problem in all 3 cases, and in others I tried applying online for, was that I was not prepared to put my money with companies who messed up immediately so that I felt I could not be confident I would get my money when I wanted it!