UK savings rates: NS&I offering record 6.2%

Banking & Financial Tax & Social charges
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That’s serious stuff. I wonder what it says about the Government’s true view on the longer term base rate? Or are they just putting it up to the banks? Bravo if they are.

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Thanks for the heads up.

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I had seen this rate a few weeks ago and thought to alert the person selling that house, then forgot which thread, tracked it down now it was

@verdoux

so tagged in case of interest?

There’s quite a flux of rate changes at the moment, as well as the 6.2% 1 year fix, there’s Santander easy access at 5.2% - which is actually instant access - that 1% less may pay off if one wants flexibility to buy euros on a ‘good’ rate.

Or family BS has a 9 month fix at 6.1% so might suit verdoux’s timescales better.

Whilst this thread might be handy to post new rates, anyone with GBP savings should really be looking at Money saving expert each week - or even better signing up to the weekly email.

Note the UK rates do outpace the Livre A etc at the mo. - by 1 - 2% even after France tax - so it doesn’t seem to make sense at the moment to buy euro’s to put into the Livre A as one will be losing that much each year.

Only if the £ hit’s more than 1.1750 again might it seem worthwhile to me - unless of course a car purchase or similar is planned near term.

So it might work to put some sterling aside for 9 months / a year and buy euro’s after that…

edit - forgot the Santander account is until 22nd sept - or earlier if sold out.

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There os also the Santader Edge account paying 7%. Its a paid account £3 per month but with cash back on shopping and bills that should be easy to get back.

First Direct is also paying 7% but its a regular saver max £300pm but could work being fed from a lower rate account

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Only on £4k of savings though. Which is a common trick - offer “market beating” rates but on tiny amounts of money.

Again, you can only put in £3.6k in a year, and it “matures” after 12 months and has to be closed. At least the info is honest and says you will only get £136 interest if you put in £300 each month.

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Compared to some of the lack luster accounts on offer they are not bad but cherry picking is definitely in order Virgin money has a reasonable rate 5. Something for larger amounts once you have used the others.