High interest savings accounts provide incentive to save
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A new report by price comparison site moneysupermarket.com has found that, although the base rate is still at its lowest, now is a good time to take advantage of a savings account.
moneysupermarket.com believes that, although the Bank of England's base rate is at an all-time low of 0.5 per cent, interest on savings accounts has been rising over the past month or so, with the top five products offering 3.11 per cent on average.
Return on savings accounts in the UK will also not be affected by inflation rates at the moment, according to the website, because the Retail Price Index is also at a low level of minus 1.6 per cent.
Kevin Mountford, head of banking at moneysupermarket.com, said that consumers shouldn't be fooled into presuming there is no point in using their savings account in the current climate.
He explained: "We've got a savings war on our hands at the moment as banks and building societies battle it out for our cash."
"The margin between the leading easy access accounts and base rate is more than 2.50 per cent which is incredible. And 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," he added.
Financial advice website Moneynet.co.uk recently offered those debating whether to take a fixed-rate savings account for the short or long-term some advice on which option is the best at the moment.
It claimed that short-term options are always best for fixed-rate savings accounts when interest rates are low, while longer period investments should be made when they are slightly higher.
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