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.
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