Savers seeking 'best interest rate' on savings told to act as inflation surges – top deals

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“Shawbrook Bank and Paragon Bank both increased the rates on their one-year fixed ISAs just last week to 0.56 percent and 0.55 percent respectively and Shawbrook presently leads the market with this rate.

“However, it is important for savers to consider their Personal Savings Allowance and the longer-term advantages of an ISA when comparing alternative savings accounts to ISAs.”

So, how has the savings scene changed over recent years?

“There were over 100 savings deals that could beat 2.4 percent in June 2019, which was the rate of inflation at the time, but there are no deals today, which may feel deflating despite a lower rate of inflation,” Ms Springall said.

“Regardless, it is still positive to see savings rates improve in the past few weeks, but it is obvious that speed is crucial to grab a top rate.

“There are ways for savers to help this endeavour to avoid disappointment, such as to sign up to any rate alerts or newsletters to keep abreast of the changing market and keep them in the know.”

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