The cost of living hasn’t made it easy for anyone to save, but if you’ve been lucky enough to put some cash away, then you’ll want to make sure that your money is working hard for you.
Interest rates have been creeping up over the last year, with the Bank of England’s base rate now at 5%*, but 47% of savers haven’t switched their savings rate in the last year**.
How can I earn more interest?
Rates change all the time, and some top ones are quickly discontinued. Look around, and you may be pleasantly surprised to see banks offering above 5% interest. Let’s say you have £5,000 in cash stashed away. An account with 0.1% interest would give you an annual gross interest of £5. But any Easy Access account paying 3.5% would give you £178; a 5% interest rate would offer £256.
Which account should I pick?
The right savings account will depend on your needs and how much you want to save…
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Denne historien er fra September 2023-utgaven av Style at Home.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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'We wanted an Art Deco Vibe' - Helen took her bathing space from cramped and dated to family-friendly, with a classic retro-inspired look
Inheriting a typical 1930s layout of rectangular bathroom and a separate loo along the corridor wasn't really suitable for us,' says Helen. 'And with a teenager and a younger child, we knew we had to change things quickly after moving into our house in April 2022.
How to Save More Money -Editor of MoneyWeek.com Kalpana Fitzpatrick shares easy tips and tricks for spending less
Editor of MoneyWeek.com Kalpana Fitzpatrick shares easy tips and tricks for spending less. Recent research shows that around a third of consumers are focused on immediate finances and unable to think about future savings.* If you're struggling to save or just not sure where to start, then these tips and tricks will help.
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