Interest rates fell to record depths this year due banks' worrying about the pandemic and record low Bank of England base rate. Two of the most popular products with savers are easy access accounts and one-year bonds - and both are seeing rate improvement. A spokesperson for financial experts Savings Champion said: "The biggest increases have been seen in the fixed rate bonds fields." The main reason for low savings rates is that the Bank of England cut its base rate to new lows of 0.1% last March. This rate rate is factored into the savings rates paid by banks, and many cut theirs in response.

Source: Daily Mirror July 09, 2021 14:29 UTC