UK savings deals: the heat is on as banks offer up to 8%
Don’t delay in taking advantage of the competition that is pushing up interest rates and increasing choice, experts sayIt is shaping up to be a decent summer for savers as fierce c
By The Guardian
Banks and savings providers are offering rates of up to 8% on regular savings accounts, as competition in the market pushes up returns for customers.
According to The Guardian’s report, instant-access and easy-access accounts were paying up to 5%, while some fixed-rate savings bonds were paying just under that level. The same report said Lloyds had launched a new instant-access regular savings account called Monthly Saver earlier this month, with an 8% rate.
The report also said Santander offers a regular savings account paying 8% for 12 months. Moneyfacts Compare likewise listed Santander’s Regular Saver at 8.00% AER, while Moneyweek described it as a market-leading regular saver.
For easy-access saving, The Guardian said Chase Saver pays new customers 4.5%, made up of a 2.25% standard rate plus a 2.25% bonus for 12 months. It also said Marcus by Goldman Sachs had a one-year fixed-rate bond paying 4.9%, while Atom Bank had a one-year fixed-rate bond paying 4.8%.
The report framed the rise in rates as a summer offering more choice for savers, with providers competing harder for deposits.