The Bank of England's Monetary Policy Committee has kept the base rate at 3.75%. Rising inflation due to the war in Iran makes it crucial to secure better savings returns. The latest CPI inflation rate is 3%, but this may rise. Savings accounts yielding less than this result in a loss of value. Regular savers offer higher interest rates and encourage saving habits. Zopa Bank currently provides a top regular saver at 7.1% AER, allowing monthly contributions with accessible cash options.
"The most recent Consumer Prices Index (CPI) inflation reading was 3 per cent in February - but this data is from before the Iran war, and experts are expecting inflation to increase."
"With a regular saver, you pay into the account each month and are rewarded with a better interest rate, helping build a habit of saving without dipping into that cash."
"Zopa currently offers the top-paying regular saver at 7.1 per cent AER. However, this rate is variable, meaning that it could decrease during the term."
Read at www.independent.co.uk
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