Saving 6: Boys of Tommen #3

Product Information

Regular savings accounts can offer higher interest rates than many other types of savings product, but some of them require you to have a current account with the same provider. Experts currently think the base rate will continue to go up in 2023 and start to fall some time in 2024 but there’s no guarantee. per cent and we think they will have to again, as the one year market is shifting down generally to around 5. You might want to lock your money away so you’re not tempted to spend it or because you know that for the next year or two you won’t need access to it. However, at the start of the term at least, you’ll be earning more than you would from an account that gives you easier access to your money, which will make up for when - or if – this difference narrows or even disappears.

The appearance of this product on the market seriously distorted the one-year bond market, as no other savings provider was able to beat this rate. If you’ve used the directory or you need further help to find an insurer, the British Insurance Brokers’ Association can link you with a broker. If you regularly eat at a particular chain or have a favourite restaurant, sign up to its Facebook, Instagram or Twitter account. The worst that’s likely to happen is market interest rates rise above the level at which you fixed, and you could have been better off putting your funds elsewhere.The main thing that will determine whether it’s worth it is what will happen to interest rates in the future, which is almost impossible to predict with accuracy. Now just two savings providers are offering a one-year fixed-rate account paying more than 6 per cent. This might not match the rate of inflation, but it’s better than sticking your money under the mattress.

Deposits with all providers are protected by the Financial Services Compensation Scheme (FSCS), with the exception of deposits with AgriBank and HoistSavings, which are protected by the Maltese and Swedish deposit protection schemes respectively. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. It was highly rated by savers for its application process, communication and transparency of charges and penalties.You'll also need to make sure you pay in the required minimum monthly amount to qualify for interest.