Savers can now earn up to 5.25 per cent on an easy access cash ISA, outperforming fixed-rate accounts, they have been told.
Savers are at risk of falling into a money-losing trap as interest rates begin to come on their way down. Savers can now earn up to 5.25 per cent on an easy access cash ISA, outperforming fixed-rate accounts, they have been told.
Easy access savings accounts are offering 4.75 per cent, while fixed-rate deals lag behind at just 4.61 per cent for one year, 4.63 per cent for three years and 4.55 per cent for five years, according to new financial figures released this week.
Sarah Coles, the head of personal finance at Hargreaves Lansdown, explained: “Usually you’re rewarded for tying your money up with a higher rate. However, this hasn’t been the case recently, and it comes down to what the market expects to happen to rates.”
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