A year ago when inflation was above 10 per cent, accounts paid lower interest than they do now
The best savings accounts on the market currently pay above 5%, even though rates have been slowly falling in recent monthsThe vast majority of savings accounts on the market now beat inflation, meaning those who deposit money are seeing real term returns on their cash.There are now 1,365 accounts available that offer a better interest rates than this, according to analysts, Moneyfacts.
Andrew Hagger of Moneycomms, said: “The combination of higher savings rates and falling inflation is positive news for savers, many of who can now get a real return on their savings balances. The best savings accounts on the market currently pay above 5 per cent, even though rates have been slowly falling recent months.The best easy-access account available to all – from Cynergy Bank – pays a rate of 5.1 per cent. Savers who have at least £5,000 can get a rate of 5.2 per cent with Ulster Bank.For those who want more certainty, you can get a one-year fixed account from MBNA at 5.27 per cent if you have £1,000 available.
James Hyde, spokesperson at Moneyfactscompare.co.uk, said the situation for savers was a “far cry” from last year, when no accounts could beat the rate of price increases.
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