With interest rates close to zero, finding a decent return on your savings is nearly impossible.“A decade ago... the average instant-access savings account paid 0.79%,” says Laura Shannon in The Mail on Sunday. “Today, high-street banks are disgracefully paying just 0.01% on such accounts – equivalent to a tenth of the Bank of England’s base rate of 0.1%.”
However, there are better rates available. “Don’t deposit your money with high-street banks – there are better rate elsewhere. Although you might need to choose a brand name you’ve not heard of before, you can do so safely,” says Anna Bowes, co-founder of Savings Champion.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Average earnings by region – how does your income compare?There are significant regional differences when it comes to how much the average worker earns. We explore the data and reveal where in the UK average earnings are highest.
-
St James’s Place confirms new fees – what it means for customersThe UK’s largest wealth manager is replacing its “opaque” and “complex” pricing structure. We explain the new charges, and when they will kick in
-
Why strong currency is the key to upward mobilityChange your social status and your life by saving money in strong currencies, says Dominic Frisby
-
A new wealth tax is a terrible idea. The rich are already being hit by sneaky taxes – Merryn Somerset WebbOpinion Ideologues want to squeeze more tax out of the rich with a wealth tax. They’re already wrung dry, says Merryn Somerset Webb
-
What MoneyWeek writers read and watched in 2024Here's a roundup of MoneyWeek's favourite books, films and TV shows in 2024
-
Parents face £1,000 'nanny tax' – how to afford itHiring a nanny is about to become even more of an expensive hassle for families, especially those in London. Here's how to cut costs
-
Is it cheaper to be a sole trader?It might be cheaper to be a sole trader due to changes to the tax system
-
The best fintech apps on the marketFrom digital banking to investment platforms, here are the top fintech apps on the market right now, according to David C. Stevenson
-
What pension providers don't tell you about your retirement moneyCheck the small print from your pension provider or risk losing thousands.
-
Britain’s stifling tax burdenChancellor Jeremy Hunt's Autumn Statement will see the tax burden rise in each of the next 5 years.
