It’s hard to keep up with the daily changes to savings interest rates being offered in the UK right now, but it’s important to shop around for the very best deal. Inflation on some food and fuel items is running at about 30%, so even 3% isn’t much, but it’s better than nothing.
You will see many High St names offering say 3.75%, but the catch is it only applies to a small balance of under £1000. For people with serious savings that’s not much use. But Investec have an online deal that might be worth considering;
Investec has increased the interest rate on its Fixed Rate Saver account from 2.90% to 3.30% AER, strengthening its position among the top fixed rate savings accounts
The Fixed Rate Saver provides simplicity and security for savers and pays an attractive rate of return over a one-year fixed term. It now pays an interest rate of 3.30% AER on balances of between £5,000-£250,000, with automatic repayment to a linked current account. Interest is paid at the end of the term. No withdrawals are permitted until the end of the one-year period, and no further deposits can be made after the first seven days.
For more information on Investec’s savings products, visit: https://savings.investec.com/