Why now is the time to ditch your 1% savings

New data reveals almost £400 billion is earning 1% interest or less in current accounts and savings. Here’s why you need to act now to earn five times more on your cash savings

Coins money stacking with up arrow and percentage symbol inside magnifier glass for financial banking increase interest rate or mortgage investment dividend from business growth concept.
(Image credit: Dilok Klaisataporn)

Savings accounts have been a hot topic in the past year with rates flying to a 15-year high, and now you can earn inflation-busting rates for the first time since 2021. 

But not everyone has jumped on the savings hype. 

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Vaishali has a background in personal finance and a passion for helping people manage their finances. As a former staff writer for MoneyWeek, Vaishali covered the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury.