Make the most of CASH SAVINGS

Editor of MoneyWeek.com Kalpana Fitzpatrick advises how to make your savings work best for you

 There’s been a lot of talk about savings lately, sparked by rising interest rates and banks increasing the rates they pay for cash savers following pressure from the Financial Conduct Authority, telling banks to give their customers better deals. Banks are having to work harder to bring in new customers as competition in the savings market heats up. If you have cash to save, now is the time to really make it work for you.

Savings accounts

Many of us have accounts earning little or zero interest. While we all need available money, you can still make your cash work with easy access savings where you earn interest but can get to your money. NatWest-owned Ulster Bank was offering 5.2% interest* if you had at least £5,000 to save. Other banks pay over 5% with less than that amount.

‘RETURNS ON INVESTMENTS LEFT FOR TEN YEARS OR MORE CAN BE BETTER THAN WHAT YOU EARN WITH CASH SAVINGS’