Customers should catch top savings rates before they go
The coronavirus lockdown means many households are spending less, but experts say those wanting to save this extra cash should act quickly before top deals vanish.
Household spending has fallen £795 on average since the lockdown began, according to research by the Centre for Economics and Business Research (Cebr).
Consumers hoping to save this cash are being advised to take advantage of the best savings deals quickly, because banks tend to cut their best rates in response to a sudden influx of money.
The average rate of the top ten easy access accounts has already fallen from 1.23% to 1.15% over the last month alone, analysis from Moneyfacts shows.
Providers may also withdraw products from the savings market if too many customers open an account and they are unable to meet the demand.
Rachel Springall, finance expert at Moneyfacts.co.uk says: “Savings providers may start to see more money coming their way due to the rise in household savings, so the top deals could be tweaked in response.
“Whatever savers decide to do with their extra cash it’s important that they don’t wait around for too long to take advantage of the top rates on easy access accounts.”
Top easy access saving accounts
RCI Bank offers the best easy access rate on the market at 1.2%.
This is followed closely by Marcus, Saga and Investec Bank, who all pay 1.19% AER.
|RCI Bank UK - Freedom Savings Account||1.2%|
|Marcus by Goldman Sachs® - Online Savings Account||1.19%|
|Saga - Easy Access Savings Account||1.19%|
|Investec Bank plc - Easy Access Account||1.19%|
|National Savings and Investments - Income Bonds||1.15%|
|Buckinghamshire Building Society - Single Access Saver (Issue 2)||1.15%|
|Shawbrook Bank - Easy Access (Issue 20)||1.15%|
|Family Building Society - Market Tracker Saver (1)||1.13%|
|Ford Money - Flexible Saver||1.07%|
|Family Building Society - Online Saver (2||1.06%|
Low interest rates
It is awful that Interest rates are so low. I suggest getting a regular saving account that will give you 2.75 percent interest. First Direct Bank lets people save 300 pounds a month. Alternatively Marks and Spencer Bank and HSBC Bank let people save 250 pounds a month. To make yourself more wealthy make targets to pay off your mortgage.