- Savings accounts offering five per cent interest have made a return, providing a significant boost for savers.
- However, the offering is not everywhere, with Moneyfacts data highlighting that on 30 July, the average easy access savings rate was just 2.56 per cent.
- Examples include Revolut and Lemfi offering 5 per cent for limited periods or new customers, and Cahoot's Sunny Day Saver for balances up to £3,000.
- Fixed-term accounts, such as Investec's three-year saver and Atom Bank 's five-year term, are also firmly in the 5 per cent territory for the first time in two years.
- Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: “Fixed bonds are designed for those who are comfortable locking their money away for the full term, so savers should ensure they won’t need to access their cash before committing.”
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