Britons are looking for the best savings interest rates to bolster their finances amid the cost of living crisis.
The Bank of England has opted to raise rates multiple times this year in a bid to mitigate the impact of inflation on the economy.
Currently, the base rate is at five percent and the central bank is set to announce potential further changes on August 3.
However, with inflation easing last month, further interest rates hike may not be guaranteed for savers.
In light of this, Money.co.uk has shared the top savings interest rates on offer for each potential product.
Lucinda O’Brien, Money.co.uk’s savings expert, shared her thoughts on what savers should take advantage of.
She explained: “Interest rates on savings accounts are mostly continuing to rise, albeit at a slower pace.
“The top rates for one-year and two-year fixed rate bonds are still above six percent, which will be attractive to those that have a lump sum to save.
“Elsewhere, instant and easy access accounts are still below the Bank of England’s base rate, but Chip’s instant access stands at 4.51 perent and Chorley Building Society Easy Access Saver is now at 4.65 percent. “
The personal finance expert broke down the other benefits of the savings products currently on offer on the market.
Ms O’Brien added: “However with Chorley’s offering you are only allowed one withdrawal per year so its accessibility is limited.
“This is in direct contrast to Chip’s account which allows withdrawals and deposits almost instantly. In terms of cash ISAs,
“NatWest remains at the top for another week, with a very competitive 5.90 percent for a two-year fixed-term.”
