This means savings rates are expected to continue to go up. However, if rates continue to rise it may not prove prudent to lock away your cash for several years. Hampshire Trust Bank is offering a one-year fixed-rate bond paying interest of 4 per cent on balances of more than £1. For those who want instant access to their cash Charter Savings Bank is one of the best paying 2.25 per cent on balances of over £5,000. But with none of the deals nearing the inflation rate of 9.9 per cent, savers will still see the spending power of their cash eroded.

Source: Daily Mail October 01, 2022 21:47 UTC