It has been a while since I updated information about various deposit rates. I’m providing a list here of some of the top rates available. This is not advice, just a list. Importantly with cash accounts the FSCS only cover up to £85,000 per person per bank and be warned that this really means per banking license. Many banks (and building societies) share the same banking license due to mergers. The table below shows instant access deposit accounts, then fixed and variable rate Cash ISAs.

INSTANT ACCESS  Best online  West Bromwich BS 2.30%
 Best High Street Bank  Virgin Money 2.00%
 Best Building Society  West Bromwich BS 2.26%
FIXED RATE CASH ISA  Best online  NatWest 2.30% 3 year fixed
 Best High Street Bank  Santander 2.50% 2 year fixed
 Best Building Society  Derbyshire BS 2.25% 2 year fixed
VARIABLE RATE CASH ISA  Best online  Monmouthshire BS 2.50% 30 day notice
 Best High Street Bank  Virgin Money 2.00%
 Best Building Society  Earl Shilton BS 2.70% 90 day notice

So it is important that this is checked carefully. Please also note that I am generally fairly suspicious of any bank or building society offering particularly high rates, this suggests that they need your money rather more than other banks do and this is generally not a good prospect.

Quite obviously interest rates are pretty dreadful. As RPI is currently 3.1% and CPI is now 2.7% (according to ONS figures) the above all represent below inflation rates. This means that your money devalues in real terms. In plain English – the money in your pocket is worth less due to inflation. Here is a good short video from the Bank of England about inflation with some useful historical reminders. Note that as this is a Bank of England video, whether or not the MPC (Monetary Policy Committee) has been successful or not is probably best judged by others. At the moment the Bank of England base rate is 0.50%.