Savings accounts with great interest rates

The interest rates on savings accounts are rising, even though the Bank of England base rate remains at a low 0.5%, making it a great time to save.

Research by moneysupermarket.com shows that the average interest rate on the top 5 easy access savings accounts is 3.11%, a significant 2.61% above the base rate.

This coupled with a low inflation rate means savers no longer need to worry about the return on their savings accounts being wiped out by increasing prices.

As Kevin Mountford of moneysupermarket.com says ‘Savers should be taking advantage of these amazing rates – being able to earn more than 3.0 per cent on your money when Base Rate is just 0.5 per cent is an opportunity not to be missed.’

Be aware of savings accounts that have introductory bonuses and make sure you take advantage of these as appropriate to suit your needs and consider moving the money once the introductory offer ends.

And, as Kevin Mountford adds ‘If you’ve got money you can afford to lock away for a year or two you can earn an even higher rate of interest.’