Money.co.uk is highlighting the top savings interest rates for the week beginning March 6, 2023. One of the best savings accounts comes from a bank which is offering an interest rate of 4.46 percent
Here is a full list of this week’s best savings accounts:
Easy-access savings accounts
Yorkshire Building Society Online Rainy Day Account Issue 2 – pays an interest rate of 3.35 percent.
Notice savings accounts
Zopa Smart Saver (Boosted Pot – Seven Day Notice) – pays an interest rate of 3.25 percent
Zopa Smart Saver (Boosted Pot – 31-Day Notice) – pays an interest rate of 3.31 percent
Investec 90-Day Notice Saver – pays an interest rate of 3.55 percent.
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Fixed-rate bonds
Atom Bank Six Month Fixed Saver – pays an interest rate of 3.75 percent
SmartSave One Year Fixed Rate Saver – pays an interest rate of 4.31 percent
SmartSave Two Year Fixed Rate Saver – pays an interest rate of 4.46 percent
SmartSave Five Year Fixed Rate Saver – pays an interest rate of 4.51 percent.
Cash ISAs
Shawbrook Bank Easy Access Cash ISA Issue 23 – pays an interest rate of 3.01 percent
Furness Building Society 45-Day Notice Cash ISA – pays an interest rate of 3.30 percent
Barclays One Year Flexible Cash ISA Issue 36 – pays an interest rate of four percent
Virgin Money Two Year Fixed Rate Cash E-ISA Issue 556 – pays an interest rate of 4.11 percent
State Bank of India Five Years Cash ISA Fixed Deposit – pays an interest rate of 4.15 percent.
DON’T MISS
Lucinda O’Brien, Money.co.uk’s savings expert, recommended one particular account as offering the “best interest rate”, as well as readily accessible.
She explained: “Yorkshire Building Society Online Rainy Day Account is still offering the best interest rate for an easy access savings account at 3.35 percent.
“But there are higher interest rates available if you are willing to not access your money for a period of time.”
The savings expert highlighted the various products on the market which may be ideal for certain savers.
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Ms O’Brien added: “SmartSave Five Year Fixed Rate Saver is now at 4.51 percent, but its long-term comes with a big commitment.
“Therefore, many savers might opt for SmartSave’s two-year fixed-term bond as that has a competitive 4.46 percent.
“Atom Bank’s six-month fixed-rate bond is also worth a mention as its interest rate beats easy access at 3.75 percent.”
Interest rates have risen substantially over the last year due to the Bank of England’s Monetary Policy Committee (MPC) raising the base rate ten consecutive times.
As it stands, the base rate is at four percent in an attempt by the central bank to mitigate the damage of inflation on the economy.
Due to inflation being at 10.1 percent as of January 2023, further interest rate rises appear likely, according to experts.
The Office for National Statistics (ONS) will announce the rate of the Consumer Price Index (CP) rate of inflation for February 2023.
The Bank of England’s MPC is set to confirm whether the base rate will rise further on March 23, 2023.
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