Time to update you on some of the top rates of interest for deposit accounts. Remember that the FSCS (compensation scheme) only covers up to £85,000. This is not advice, but a list of top rates.
2007: Economic Theory – Becker |
Instant Access (taxable)
Online: National Counties 2.75%
Bank: Virgin Money 2.60%
Building Society: Newcastle 2.35%
Cash ISA Fixed Rate (not taxable)
Online: Virgin Money 3.30% 3 years
Bank: Halifax 4.00% 5 years
Building Society: Leek United 3.50% 3 years
Cash ISA Variable Rate (not taxable)
Online: Sainsbury’s 3.01%
Bank: Virgin Money 2.85%
Building Society: Newcastle 2.35%
UK National Economy
Inflation – RPI measure: 2.90%
Inflation – CPI measure: 2.50%
Bank of England Base Rate: 0.50%
In terms of shared banking licenses (and therefore limited FSCS protection), Virgin Money share a license with Northern Rock and Halifax is part of RBS. All of the Building Societies listed above currently have their own separate licenses. Sainsbury’s Bank also holds a separate license.
As the above figures are some of the “best rates” it is clear that cash is rarely keeping pace with inflation, making life harder for savers as the spending value of every pound reduces.
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Call us today or visit our website for more information and to arrange a meeting
Call us today or visit our website for more information and to arrange a meeting