If base rate goes up from its current 5.25 per cent, you’ll get the whole rise within two weeks of the change. Savers with money in an easy-access account earn just 2 per cent interest on average, new figures from the Bank of England tell us. The relentless culling of bank branches also makes it more awkward to keep an eye on your rate. With accounts paying up to 8 per cent, you will earn much more than if you put the money into an easy-access account. Open to everyone is Gatehouse Bank’s new online account at 7 per cent, while West Bromwich BS’s account pays 6 per cent, in branches only.

Source: Daily Mail December 06, 2023 04:06 UTC