Interest rates for a number of financial products are very low at the moment as the Bank of England continues to keep the base rate at an all time low. As such, those looking for decent returns on their savings are likely to struggle.
Despite this, moneyfacts.co.uk regularly highlights the best accounts available for savers, and for their most recent “pick of the week” the organisation highlighted two accounts worth looking at .
Those who need (or would like) easier access to their funds may wish to turn to Investec Bank plc, whose Online Flexi Saver deal could be beneficial.
Rachel Springall, a Finance Expert, reviewed the deal: “Investec Bank plc has re-launched its Online Flexi Saver, an easy access account, back onto the market this week.
“Paying a rate of 0.4 percent, the deal takes a place in our top rate tables when compared against other easy access accounts.
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For those willing to lock their money away for a long period, perhaps in anticipation of a long-term cost, Ford Money’s Fixed Saver two year product could also be worthwhile.
This account offers a higher rate of interest, as Rachel covered: “Ford Money has removed its existing customer restriction and reduced rates on a selection of its Fixed Savers by up to 0.15 percent this week, but the two-year option remains competitive.
“Now paying 0.7 percent, the Fixed Saver two Year takes a spot in our top rate tables and may appeal to savers who are comfortable to tie their money up for the duration of the deal as earlier access is not permitted.
“However, unlike its peers, the bond has a smaller minimum investment of £500 and will allow further additions within the first 14 days of opening the account.”
Interest rates on these kinds of products are unlikely to increase any time soon as the Bank of England has kept the base rate at its lowest level ever for a number of months now.
Currently, the base rate is set at 0.1 percent, limiting the options retail banks have in what they can offer.
The next review of the base rate review will take place on March 18.
While it is not possible to know what the central bank will decide in advance of the review, it is likely to remain at its current level for some time or even be moved into negative territory.