If you can leave your money in a savings account for three or five years, you could get a better rate
For many months, interest rates on savings accounts have been low - at the lowest levels I can remember, so it may seem perverse to lock into a fixed rate savings account now. However, interest rates on longer term fixed rate savings accounts (three years plus) have started to increase – slightly. And if you need the income, you may have no other option but to lock in now. What’s on offer?
If you opened a best buy cash ISA, can you still top it up?
Over the weekend I had an email from someone where the interest rate on her cash ISA had fallen sharply. Not surprisingly, she wasn’t very happy about this. So, I decided to look at cash ISA interest rates, especially the interest rates on cash ISAs that were best buys in April this year, to see whether they’d fallen – and by how much.
5 savings accounts paying a high bonus rate and 5 with no bonus
Bonus or teaser rates on savings accounts can boost the return, but watch out when they end.
I get lots of emails from Savvy women who are annoyed. And what annoys them? The fact that their savings account, which was paying a reasonable rate of interest, is now paying a pittance. Often it’s because the account had a bonus or teaser rate. This week the regulator, the Financial Conduct Authority, said that it would be investigating bonus rates on savings accounts. Do you have to take out a bonus rate account to get the best rate? Not necessarily.