Lock in high yields on savings, before they disappear

As interest rates peak, time to lock in high yields on your savings, while they are still available.

Piggy bank secured with padlock chained up and locked
(Image credit: BrianAJackson)

The recent unexpected fall in inflation means interest rates may have peaked. Savers need to act quickly to find the best savings accounts before they disappear. If you were hoping to secure a rate of 6% or more, you are too late. Accounts offering these rates have disappeared as banks and building societies anticipate that the Bank of England will stick to a rate of 5.25% for the coming months.

Interest rates have rocketed over the past year. Last September the best you could find on an instant-access account was 2.1%, but 14 months later you could secure 5.2%. If you haven’t moved your money, you should. On a £10,000 balance that is a difference of £310, assuming your money was in the best account last autumn. The best instant-access account is currently offered by Metro Bank, paying 5.22%, including a 3.46% 12-month bonus.

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This article was first published in MoneyWeek's magazine and information and rates were correct at the time of writing. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.

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Ruth Jackson-Kirby

Ruth Jackson-Kirby is a freelance personal finance journalist with 17 years’ experience, writing about everything from savings accounts and credit cards to pensions, property and pet insurance.

Ruth started her career at MoneyWeek after graduating with an MA from the University of St Andrews, and she continues to contribute regular articles to our personal finance section. After leaving MoneyWeek she went on to become deputy editor of Moneywise before becoming a freelance journalist.

Ruth writes regularly for national publications including The Sunday Times, The Times, The Mail on Sunday and Good Housekeeping, among many other titles both online and offline.