SAVINGS
Savings rates are falling fast — fix now for the best deals
Even though interest rates are tumbling there’s still time to earn 5% on your money
The Bank of England is expected to cut its base rate of interest this year
REUTERS
Savers with spare cash that they don’t mind locking away should act fast while interest rates of more than 5 per cent are still available.
Having hit their highest levels in 15 years in September, savings rates are now falling because the Bank of England is expected to cut its base rate this year. It has been at 5.25 per cent since August after almost two years of regular rises from a record low of 0.1 per cent in December 2021.
The best rate on a one-year fixed bond is now 5.3 per cent from Investec — down from 6.2 per cent at the start of October and 5.5 per cent on Friday morning. The best two-year bond has fallen from 6.05 per cent to
