Interest rates on savings accounts are now some of the best we have seen on the market in 15 years, but have they reached their peak for now?
As anticipated, the Bank of England kept interest rates on pause at 5.25% and it could mean rates on savings accounts have also reached their peak for now.
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Fixed savings rates falling
| Bank | Old rate AER | New rate AER | Minimum deposit |
|---|---|---|---|
| Union Bank of India | 6.11% | 6.05% | £1,000 |
| Al Rayan Bank | 5.95% | 5.85% | £5,000 |
| SmartSave Bank | 5.87% | 5.81% | £10,000 |
| Cynergy Bank | 5.9% | 5.65% | £1,000 |
| Ziraat Bank | 5.9% | 5.5% | £1,000 |
Are easy-access savings rates better than fixed savings?
Will my savings go further in an ISA?
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