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Best UK savings rates this week

Michael Brown

Content Writer
Published: 05/08/2022

Last updated: 5th August 2022 12:00pm

The top one year bond rate surpasses 3.00% AER.

Recent research from Paragon Bank and data company CACI found that £300 billion still lies in savings accounts paying 0.1% or less. With inflation set to reach double digits, and the Bank of England making a record increase to its base rate yesterday, some savers may wish to contemplate a new home for their hard-earned cash.

Below we have highlighted the best savings rates on the market this week, to help you make more informed decisions about your investments.   

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£300 billion of savings lies in accounts paying a rate of 0.1% or less

Savings deposit growth shows signs of slowing.

Over £300 billion worth of savings is still sitting in accounts offering a rate of 0.1% or less, according to research released by Paragon Bank and CACI, a data company, on Wednesday. 

“It is concerning to see that over £300 billion continues to rest in accounts offering only 0.1% or less, especially at a time when savers could be doing more to potentially protect their savings from the rise in inflation,” said Derek Sprawling, Savings Director at Paragon Bank.

However, since January, when the Bank of England’s (BoE) base rate stood at 0.25%, the overall deposits held in accounts offering 0.1% or over increased by 64% to nearly £317 billion.

While this figure may have increased, the overall growth in savings has been sluggish. CACI figures for 2022 had shown monthly rises of between £2 billion and £4.5 billion between January and April. From April to May savings deposits increased by only £7 million.

“With inflation starting to eat into people’s pay packets and pensions, it is unsurprising that savings growth has slowed – but it will take longer to see if this is the start of a long-term trend,” said Sprawling.

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The best UK ISA rates this week

Last updated: 3rd August 2022 at 12:00pm 

Marcus by Goldman Sachs® and Saga return to the top of the easy access charts.

The ISA market remains highly competitive right now. On some fixed rate charts a mere 0.02 percentage points separate a few providers from market-leading positions, while the easy access chart this week contains seven different providers.

To help you make more informed decisions about your ISA allowance for this year we have highlighted the top cash ISA rates on the market.

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BREAKING: Bank of England make biggest base rate increase in 27 years

The Bank of England (BoE) has voted to increase the base rate by 50 basis points today, the highest increase in 27 years. It now means the base rate stands at 1.75%.

The decision comes amid a backdrop of low economic growth but high inflation which is expected to hit 11% in October.

Currently inflation is recorded at 9.4%, meaning a typical basket of goods and services was 9.4% cheaper than one year prior.

The Monetary Policy Committee voted by a majority of eight to one majority to raise the rate to 1.75%. The minority vote preferred to increase the base rate by 25 basis points.   

The last time the base rate exceeded this figure was in December 2008, when it sat at 2.00%. It was promptly lowered by 50 basis points the following month in January 2009.

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Moneyfacts pick of the week

Last updated: 4th August 2022

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market, ranging from mortgages to savings accounts. This week, I have analysed the following deals, along with their perks, of note:

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Recent News

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Virgin Money tops easy access savings chart

27th July 2022

Virgin Money’s selection of Club M Saver, M Plus Saver and M Saver Accounts increased their easy access savings rate to a market-leading 1.71% today. The move means Virgin Money overtakes Islamic providers Al Rayan Bank, which offers an expected profit rate of 1.60%.

Virgin Money’s selection of Club M Saver, M Plus Saver and M Saver Accounts increased their easy access savings rate to a market-leading 1.71% today.

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Millions of eligible savers do not use Government’s Help to Save scheme

25th July 2022

Since its inception, almost 360,000 savers have opened the Government’s Help to Save account, according to data from HMRC. In contrast, latest statistics suggest more than 5.5 million people now claim Universal Credit, thus making them eligible for this scheme.

Since its inception, almost 360,000 savers have opened the Government’s Help to Save account, according to data from HMRC.

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Saving with Teachers helps teachers buy homes

25th July 2022

Building societies have long worked on the basis of using collective savings deposits to support mortgage lending – Teachers Building Society is no different to other mutuals in that respect. But there is something unique about our savings that you might not know. Read our article to find out more.

Whilst Teachers Building Society is no different to other mutuals, its savings account are unique in a way that your may not know. Read on to find out.

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Base rate beating deals plunge, despite competition

18th July 2022

The number of savings accounts that can beat the Bank of England base rate of 1.25% has fallen month-on-month, according to the latest Moneyfacts UK Savings Trends Treasury Report. This is despite an uplift in month-on-month savings rates, there are now only 887 savings deals which beat 1.25%. This equates to roughly 51% of the market, almost a 2% fall from the previous month when base rate stood at 1.00%.

The number of savings accounts that can beat the BoE base rate of 1.25% has fallen month-on-month, according to the Moneyfacts Savings Trends Treasury Report.

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Most Popular Savings News

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Best UK savings rates this week

5th August 2022

Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.

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The best UK ISA rates this week

4th August 2022

Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.

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BREAKING: Bank of England make biggest base rate increase in 27 years

4th August 2022

The Bank of England (BoE) has voted to increase the base rate by 50 basis points today, the highest increase in 27 years. It now means the base rate stands at 1.75%.

The Bank of England (BoE) has voted to increase the base rate by 50 basis points today, the highest increase in 27 years.

Read More
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Moneyfacts pick of the week

4th August 2022

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

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