You could be missing out on £619 a year if you have a current account – how to check now
, the highest in just under 15 years since September 2008.has raised rates since December 2021 when they were at historic lows.
The increase is bad news for borrowers as it makes the cost of mortgages and other loans more expensive. But it's good news for savers who can get access to better returns and you should check your existing account to make sure it's worthwhile.This means that those saving £1,000 in the account would earn £42.10 in interest after 12 months.
But savers could also get a higher rate by locking their cash away in Al Rayan Bank and Raisin's 1 Year Fixed Term Deposit which pays savers 6.01% back. The only downside to fixed bond accounts is that you're forced to lock away your cash for a defined period of time.With your current rates in mind, don't waste time looking at individual banking sites to compare rates - it'll take you an eternity.These will help save you time and show you the best rates available.
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