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Savings rates: Britons urged 'get to grips with savings' as money loses spending power

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“If the rate has dropped while we’ve been sidetracked by everything else that’s going on, we need to check the market for a better deal.”

The personal finance analyst went on to suggest setting aside an emergency fund which could cover a certain period of time, and then looking into other types of savings accounts such as fixed accounts.

“Once you have one to three months’ worth of emergency savings in an easy access savings account, it’s also worth considering fixing some of your savings for a period,” Ms Coles suggested.

“Not only will you get a higher rate, but you’ll lock it in – no matter what happens in the market overall.

“If you’re put off by the thought of the work involved, it’s worth considering a savings platform or marketplace, where you can switch between accounts of different banks in a handful of clicks.”



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