Where To Put Your Savings Now

Money expert Sarah Pennells writes for us.

- Sarah Pennells

We have had low interest rates for so long that it is hard (for me, at least!) to remember when you could really see your money grow in a savings account.

As I write this, the best interest rate you can get on an easy access cash ISA is around one per cent. Hardly a fortune. But there are ways you can earn more. Here are my suggestions.

Put money into a notice account

A notice account does what it says on the tin in that you have to give notice (typically between 30 and 120 days) before you can take any of your money out. If you don’t, the money you withdraw doesn’t get any interest for the notice period.

In return you may be able to get a higher interest rate, but it won’t be a king’s ransom. Typically, the difference at the moment is around 0.1 per cent compared to an easy access account.

Opt for a fixed rate