Households in the UK are always looking for ways to make their money further against the background The cost of a living crisisAnd savings accounts can help.
Bank of England (Boe) decided Keep interest rates resistant at 4% in September, This year, a damping of hope for further monetary softening and strike on mortgages and borrowers throughout Great Britain. Nevertheless, this is good news for depositors, as most transactions will remain untouched.
Nevertheless, sticky inflation incites the real profit of depositors to their pots with cash, which makes people necessary for purchases.
According to the National Statistical Statistics Office (ONS), the inflation rate measured by the consumer price index (CPI) amounted to 3.8%.
Experts urge depositors to make purchases for the best offers and regularly view their accounts, as many can sit on products that cannot win inflationField
The data published by BOE this week showed that in August deposits to banks and construction societies grew by £ 5.4 billion. The Central Bank said that this was mainly due to households investing an additional 2.6 billion pounds in accounts with interest accounts, 2.3 billion pounds for individual savings accounts (ISA) and 700 million pounds for unsurplated accounts. This was compensated by depositors who withdrew 1.9 billion pounds from accounts with a fixed rate.
Mark Hicks, the head of active savings in Hargreaves Lansdown, said: “Despite the slowdown in growth, the savings market still sees strong flows.”
“About 4.5%are still available with the temperature of savings, the prospect of safety and confidence in profitability, as well as the inflation beating coefficient, continues to encourage depositors.”
He said that now BOE “basic falls are becoming stabilized, banks and construction societies begin to pay more depositors to fix their savings than for easy access, this can stimulate flows in fixed conditions in the near and medium term.”
“This means that anyone who does not need a piece of money for a year or two should seriously think about connecting it with a fixed rate, while the bets are so strong,” Hicks added.
The main factor that should be taken into account when choosing a savings account is the difference between a convenient and fixed account.
Access accounts allow access to your money when you need it. A fixed date means that you cannot access your money for the time of the transaction. They usually offer the best prices, but it should be convenient for you without touching your savings for a long period, usually from one to five years.
Until recently, depositors could get 5% leading in the market for three months, but now the best offer is 4.52% of JN Bank. You need 100 pounds to open a five -year account and invest up to 500,000 pounds.
Chetwood Bank offers a 4.5% rate in a five -year account that requires a minimum deposit of £ 1,000.
For those who are looking for a shorter product, Santander (BNC.L) Through Prosper, pays 4.5% for a three -month account, which requires 10,000 pounds for opening.
Prosper is a “savings market”, which means that it is negotiating on special transactions with banks, taking into account savings accounts, often at higher rates than those that are available directly with the bank.
Online banks, as a rule, offer higher rates than traditional brick branches and mortars that lead to better profit, which gives you a more effective way to save and achieve financial goals.
If you prefer to use a familiar name, creditors on a high street have slightly lower offers, but still higher than inflation.
Tesco (TSCO.L) The bank offers the highest rate among creditors on a high street, with A single savings account with a fixed rate This pays 4.21% per year, and the minimum balance requires £ 2,000 is required. However, you can invest up to 5 million pounds.
Natwest (In the trays) has Savings account with a fixed time Offering 3.8% per year. The minimum deposit is only 1 pounds, and interest will be paid on the first working day of each month and from the date of repayment.
Unlike products with light access, where interest rates can vary, accounts with a fixed rate earn the established interest rate for the choice that you choose, whether for six months or several years. These are the most common offers, but some offers reach 10 years and older.
You must leave your initial deposit for a fixed period without removing the environment. If you touch your money, you will lose what percentage.
Savings with easy access allow you to withdraw money without prior notice. With such ease of access, interest rates are reduced, but they are a good option for those who believe that they may need their money in a hurry.
Keep in mind that the bets on these accounts are variables, which means that they can rise or down. You will be notified of which change in advance.
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Chase (JPM) has a supply of 4.5% for 12 months, to which you can access only 1 pounds, while Ulster Bank (part of Natwest (In the trays) also has an account offering 4.5%.
There are even higher -paid accounts, but they are not for new customers. Santander (BNC.L) Saver, for example, offers 6%, but is available only for current owners of accounts.
You can’t decide if you want to remove your money and not touch it for a long time or keep it at any time? Maybe you should consider the issue of savings account.
Savings of notifications require you to notify your supplier of savings before you can withdraw your funds.
They are ideal for those who know when they may need their money, but do not want to encounter a temptation of immersion at this at any time.
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You must give the bank or the construction company the established preliminary warning before you can withdraw your money – usually from 30 to 120 days, although this may be longer.
Stafford BS retained its offer at the level of 4.61% of a 120-day transaction this week. You can invest from 5,000 to 450,000 pounds.
Oksbury almost completely dominates the table this week, with 4.55% for a 180-day transaction, 4.54% for 120 days and 4.52% in 90 days.
Interest rates with notifications accounts are variables, which means that they can rise or down over time.
For those who want to maximize their savings in cash, regular savings accounts may offer 7.5% profitability.
Most of the usual savings accounts require you to save money with interest paid annually every month. Often the offer will be available only for current customers.
The principality offers 7.5% in a six -month ordinary Saver account, after it concluded a deal by 8%. You open an account and pay up to 200 pounds per month. Interest is calculated on money on the account every day and is paid six months after the opening.
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Zopa biscuit account pays 7.1% with monthly deposits up to 300 pounds. Owners of accounts also receive 2% AER percent on their current balance balance sheet and 2% of the money circulation when paying accounts.
The cooperative bank has a 7% transaction for existing customers. Fixed for one year, you can save up to 250 pounds per month and can skip months without fines.
Each transaction mentioned here is covered by a scheme for compensation for financial services, so you are protected up to £ 85,000 or twice as much as if it is a joint account.
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