Last updated: 16 May 2024 at 12:45
Selected savings rates edge higher as attention is focused on the next inflation announcement on 22 May.
After last week’s announcement that the base rate will remain at 5.25%, there hasn’t been any major changes at the top of our charts. Some market-leading rates have edged higher after providers launched and relaunched products, but many have stayed the same as last week.
With expectations that the base rate will eventually fall this year, now may be a good time for savers to review their savings and compare rates to see if they can find a better deal.
“Variable savings rates can change at any time and, as we have seen in the past, a base rate cut can have a detrimental impact on the savings market,” commented Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.
“Those prepared to lock their cash away for a guaranteed return could grab a fixed rate bond, as some one-year deals still pay over 5%, but six months ago there were some paying 6%. Whichever account savers choose, any clear indications of an impending base rate cut could lead to an upheaval in the market, so savers must not be complacent,” she concluded.
Attention will now be focused on the latest inflation figures which will be released next week (22 May), as these could indicate whether a drop in the base rate is imminent or still some months away.
The providers listed below currently offer the best easy access, fixed and notice savings rates. These products are available to new customers with a deposit of £10,000. Keep in mind that higher rates may be available to existing customers or those who are willing to save more than £10,000.
Be sure to check out our charts to see an overview of the savings market to help you find the best rates.