All accounts will
beat it!
Not only can you take heart from the fact that the cost of
living isn’t rising too much – hopefully you’ll be feeling some of the benefits
– but as an added bonus, all you careful savers out there will be pleased to
know that every single savings account on the market pays a rate that will beat
it!
There are currently 872 accounts for you to choose from, and
of these, 681 are open to everyone (they’re not limited to high net worth
individuals or local residents, for example). This figure is made up of easy
access accounts, notice deals, fixed rate bonds and cash ISAs so there’s
something for all savings requirements, and all of them offer inflation-beating
rates.
Don’t get too
excited…
Sounds good, right? Well, yes, but unfortunately, it’s
probably too good to be true. We may be in an environment where it’s easier than
ever to secure real returns – for a bit of context, this time last year just
187 accounts on the market could beat inflation, and in June 2013 absolutely
none could do it – but that doesn’t mean the returns on offer are actually
decent. Bar some slight glimmers of hope in recent weeks, savings rates have
been on a general downwards spiral for years, and by all accounts, they aren’t
going to rise any time soon.
Our very own Rachel Springall, finance expert at Moneyfacts, points out that the best easy access account on the market currently pays 1.50%, but three years ago you could easily get double that. “Today you would need to fix for five years to get anywhere close,” she said, “and worse still, the majority of providers are cutting rates. Since the start of June, only eight providers raised rates on their savings deals, compared with 11 who reduced them”.
Get more from your
money
OK, it isn’t sounding good, but we don’t want to be too
negative about the whole thing. The silver lining is this: thanks to inflation
being so low, the value of your savings won’t be eroded for the foreseeable
future, so it’s time to make the most of it! We know that you don’t just want
an account that can beat inflation, you want to smash it, so take a look at the
top-paying accounts across the market to see if you can benefit.
- Top fixed rate ISA
| AER | Notice / Term | Min Invest | Transfer In | Account Opening | |
_All_114x42.jpg) Online 5 Years Cash ISA Fixed Deposit |
2.50% | 5 Year Bond | £15,000 | Yes | Online |
- Top variable rate ISA
| AER | Notice / Term | Min Invest | Transfer In | Account Opening | |
_All_114x42.jpg) Notice Cash ISA |
2.02% | 120 Day | £250 | Yes | Online Branch Postal Phone |
- Top fixed rate bond
| AER | Notice / Term | Min Invest | Account Opening | |
_All_114x42.jpg) Fixed Rate Savings Account |
3.30% | 5 Year Bond | £10,000 | Online |
- Top bonus-free easy access account
| AER | Notice / Term | Min Invest | Account Opening | |
_All_114x42.jpg) Freedom Savings Account |
1.50% | None | £100 | Online |
- Top notice account
| AER | Notice / Term | Min Invest | Account Opening | |
_All_114x42.jpg) 120 Day Notice (Issue 13) |
1.86% | 120 Day | £1,000 | Online |
Information & Rates correct as at: 16.06.2015