Now easy access rates will hit 3.75%: Where to find the best deals  (2023)

Now easy access rates are forecast to hit 3.75%: As the battle for customers steps up, here's where to find the best deals for your savings

  • Banks under pressure to increase interest rates after last week's base rate hike
  • Coventry BS is set to raise the rate on its top online easy-access account to 3.6%
  • Big banks are still dragging their heels as theykeep record profits for themselves

By Sylvia Morris For The Daily Mail

Published: | Updated:


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Savers are in line for big boosts to interest rates on easy-access accounts, experts say.

These deals are tipped to be the main battleground as banks fight for savings customers.

Building societies and smaller banks have already announced a fresh round of interest rate increases in the coming weeks and easy-access rates are expected to rise as high as 3.75 per cent.

Pressure has ramped up on banks to increase interest rates after the Bank of England pushed up base rate from 4.25 per cent to 4.5 per cent last week.

This marked its 12th base rate increase in 18 months — the sharpest rise since 1989.

Easy access: Building societies and smaller banks have announced a fresh round of interest rate increases in the coming weeks and rates are expected to rise as high as 3.75%

Kevin Mountford, from savings platform Raisin, says: 'Savers want to keep their money close at hand and you can expect rates to end up north of 3.5 per cent and as high at 3.75 per cent.'

Savers are less likely to see large increases to fixed-rate accounts. This is because savings providers believe last week's base rate rise could be one of the last and rates could even fall in the coming months.

(Video) BEST SAVINGS ACCOUNTS: 3.71% easy-access, 5% fixes, top ISAs & more (May 2023 update)

  • Lloyds ramps up current account switching war with new £150... Best easy access savings rates: Top online and branch deals... Lloyds offering £150 sign-up bonus for current account...

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  • Can you find a better savings rate? Check our independent best buy tables

Chip, the app-based savings account, raised its rate earlier this month to a top 3.71 per cent in anticipation of the Bank of England's move.

Yesterday GB Bank pushed up the rate on its Easy Saver to 3.7 per cent while Ford Money's rate is up from 3.45 per cent to 3.6 per cent. Cambridge BS is raising the rate on its Your Saver easy-access account to 3.5 per cent today.

Yorkshire BS rates go up from today by 0.25 percentage points in line with base rate. Its branch-based Access Saver Plus Issue 7 will pay 3.05 per cent and its Internet Saver account between 3.25 per cent and 3.5 per cent depending on how much is in your account.

At Coventry, rates will tick up on June 1 by up to 0.25 points. Its top easy-access rate on the Limited Access Saver (Online) account will be 3.6 per cent.

Rates at Skipton rise this month too with its Branch Tracker Issue 4 up from 3.15 per cent to 3.4 per cent. Its other variable savings rates will increase 0.25 points from Monday.

But Britain's biggest banks are still dragging their heels.

Rates are unlikely to match any rise in base rate with the large banks, the Treasury Committee, a group of influential MPs, has warned.

(Video) BEST SAVINGS ACCOUNTS: 6.25% monthly, 3.21% easy-access, 4.2% green bonds & more (March 2023 update)

This is because big banks are keeping record profits for themselves by increasing rates on mortgages and loans but not savings accounts.

Earlier this year, the big four — Barclays, Natwest, HSBC and Lloyds Banking Group — got a dressing down from the Treasury Committee for failing to pass on base rate rises to their savers.

They pay between 0.7 and 1.3 per cent on easy-access accounts — less than half the rate of smaller competitors.

That is despite base rate rising by 4.4 percentage points from 0.1 per cent in December 2021. During that time, the High Street banks have passed on as little as 0.69 points.

Savers with £10,000 in one of these will earn £70 a year in interest, compared with £371 with Chip, £370 with GB Bank or £365 with Shawbrook Bank.

Harriett Baldwin MP, chair of the Treasury Committee, is urging savers to find better deals by switching accounts. She says: 'This will drive the banks to increase their currently measly rates.'

The big banks do pay well on some accounts, but these tend to come with terms and conditions you must obey to earn the headline rate.

For example, Barclays pays 5.12 per cent on its Rainy Day Saver account but only on the first £5,000 saved in the account.

NatWest pays 6.17 per cent to current account customers opening its Digital Regular Saver on savings of between £1 and £150 a month, but again only on balances up to £5,000.

Any savings over £5,000 earn you 1per cent with NatWest and just 0.7 per cent with Barclays.

Others showcase higher rates but these usually only last for a year.

Your money is then automatically shifted into another account where the rate can be as little as 0.7 per cent.

For example, Halifax Reward Bonus currently pays 3 per cent. But once you have been in the account for 12 months you are moved to Instant Saver, which pays just 0.9 per cent.

How to find the best savings rates

Savings rates are on the rise after many years in the doldrums, with savers now able to bag deals as high as 5 per cent.

But many people still have money languishing in old sub-1 per cent paying savings accounts.

Checking top rates is essential, but can also possible to make life easier to manage your savings pots in one place.

Over the past few years a number ofsavings platforms have launched, offering savers the option to switch as and when better deals become available and manage accounts from different banks and building societies.

They each work slightly differently and include their own exclusives. To find out more and check out what's on offer visit our specialsavings platform top rates tables.

You can also view our comprehensive best buy savings tables, independently curated by savings guru Sylvia Morris and the This is Money team.

Savings essentials:

> Compare best savings rates in our tables

> Check the best rates from savings platforms

> Sign up to Savings Alerts to get top deals sent to you

(Video) Value After Hours S05 E20: Jeff Weniger on Value v Growth, Housing, and the 70s Stock Market Crashes

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(Video) Get a 3.75% Rate When You Buy this House! | New Construction | Austell, GA

Now easy access rates will hit 3.75%: Where to find the best deals (6)

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Where can I get 5% interest on my money? ›

Best 5% interest savings accounts
  • Best overall: Western Alliance Bank Savings Account.
  • Best for earning a high APY: Newtek Bank Personal High Yield Savings.
  • Best for no fees: Bask Interest Savings Account.
  • Best for easy access to your cash: Panacea High-Yield Savings Account.

Which bank gives 7% interest on savings account? ›

While 7% with Landmark Credit Union is the highest available interest rate, other high-yield savings accounts exist and may be more worth it based on each bank's unique requirements.

Which bank gives 8% interest on savings account? ›

DCB Bank hikes savings account and fixed deposit interest rates up to 8%

What bank currently has the highest savings interest rate? ›

These accounts currently have the highest rates right now:
  • Western Alliance Bank High Yield Savings Account, powered by SaveBetter: 5.05% APY.
  • M1 High Yield Savings Account: Up to 5.00% APY.
  • Primis Savings: 4.92% APY.
  • Popular Direct Savings: 4.85% APY.
  • First Foundation Bank Online Savings Account: 4.85% APY.
2 days ago

Where can I get 6% on my savings? ›

Best 6% interest savings accounts
  • Digital Federal Credit Union (DCU) Primary Savings.
  • Mango Savings™
  • Clearpath Federal Credit Union 12-month CD/IRA.
May 1, 2023

Where can I get 3% interest? ›

High-yield savings accounts with APYs of 3% (or more)
  • UFB DIRECT: 3.83% APY. Minimum deposit: None. ...
  • Bask Bank: 3.6% APY. Minimum deposit: None. ...
  • Upgrade: 3.5% APY. Minimum deposit: None. ...
  • CIT Bank: 3.25% APY. Minimum deposit: $100. ...
  • LendingClub: 3.25% APY. ...
  • Marcus by Goldman Sachs: 3% APY. ...
  • SoFi: 3% APY. ...
  • Discover: 3% APY.
Nov 15, 2022

Should I take my money out of the bank 2023? ›

Despite the recent uncertainty, experts don't recommend withdrawing cash from your account. Keeping your money in financial institutions rather than in your home is safer, especially when the amount is insured. “It's not a time to pull your money out of the bank,” Silver said.

Which bank offers best interest rate? ›

The best 1 year fixed deposit interest rate is 9.48% offered by Standard Bank. This is the effective annualised rate. You will need a minimum investment of R10,000 to get that interest rate. Check out the fixed deposit calculator to see how much interest you will earn for your investment amount.

Where is the best place to put your money? ›

The best places to save money include high-yield savings accounts, high-yield checking accounts, CDs, money market accounts, treasury bills and savings bonds. These products offer varying degrees of security, returns and liquidity.

How do I get 10 percent interest on my money? ›

How Do I Earn a 10% Rate of Return on Investment?
  1. Invest in Stocks for the Long-Term. ...
  2. Invest in Stocks for the Short-Term. ...
  3. Real Estate. ...
  4. Investing in Fine Art. ...
  5. Starting Your Own Business (Or Investing in Small Ones) ...
  6. Investing in Wine. ...
  7. Peer-to-Peer Lending. ...
  8. Invest in REITs.

How to earn 15 percent interest? ›

Best way to get 15% p.a. on your investment
  1. Direct equity. Buying a part of a company from the stock market can prove beneficial because the company is growing, causing your investments to multiply. ...
  2. Real estate. ...
  3. Gold. ...
  4. Equity mutual funds. ...
  5. Debt mutual funds. ...
  6. PPF. ...
  7. FD.

What is the highest paying 12 month CD? ›

Best 1-Year CD Rates
  • CFG Bank – 5.28% APY.
  • CIBC Agility – 5.27% APY.
  • Premier Members Credit Union – 5.25% APY.
  • BrioDirect – 5.25% APY.
  • Limelight Bank – 5.25% APY.
  • Communitywide Federal Credit Union – 5.25% APY.
  • First Internet Bank – 5.22% APY.
  • KS State Bank – 5.20% APY.

How high will CDs go in 2023? ›

Are CD Rates Going Up? Yes, CD rates are currently on the rise. In March 2023, the Federal Open Markets Committee (FOMC) raised the target range for the federal funds rate by 0.25%, bringing the benchmark range to 4.75% to 5.00%.

Which bank is paying the highest CD rates? ›

The highest current CD rates for our top picks*
  • CFG Bank: 5.28% APY for 1-year CD.
  • Barclays Online: 4.90% APY for 1-year CD.
  • Ally Bank: 4.80% APY for 18-month CD.
  • Bread Savings: 5.20% APY for 1-year CD.
  • BMO Harris: 5.10% APY for 1-year CD.
  • Quontic Bank: 4.75% APY for 1-year CD.
  • Synchrony Bank: 5.00% APY for 6-month CD.
3 days ago

Where can I get the highest rate on a savings account? ›

The best high-yield savings account rates
  • CIT Bank - 4.85% APY.
  • Popular Direct - 4.85% APY.
  • UFB Direct - 4.81% APY.
  • TAB Bank - 4.76% APY.
  • Bask Bank - 4.75% APY.
  • Bread Savings - 4.65% APY.
  • Salem Five Direct - 4.61% APY.
  • CIBC Bank USA - 4.52% APY.

Where do you put your money when inflation is? ›

Inflation-indexed bonds and Treasury Inflation-Protected Securities (TIPS), tend to increase their returns with inflationary pressures. Consumer staples stocks mostly do well because price increases are passed on to consumers.

Can I live off interest on a million dollars? ›

Once you have $1 million in assets, you can look seriously at living entirely off the returns of a portfolio. After all, the S&P 500 alone averages 10% returns per year. Setting aside taxes and down-year investment portfolio management, a $1 million index fund could provide $100,000 annually.

What are the top 5 savings accounts everyone should have? ›

  • 5 Savings Accounts Everyone Should Have.
  • Emergency Account.
  • Vacation Account.
  • Retirement Account.
  • Freedom Account.
  • Large Purchases Account.
Nov 22, 2022

Is there a 5% savings account? ›

Here are the best 5% interest savings accounts you can open today: GreenState Credit Union Savings Account – 5.01% APY. Western Alliance Bank – 5.05% APY. 12 Months: Bread Savings – 5.20% APY.

Is it possible to get a 4 interest rate right now? ›

If you can afford a 15-year-term, you may be able to land that coveted 4%-ish rate, pros say. Average fixed rates for 15-year mortgages are about 5%, but remember that that is just the average, so you can get lower if you have an excellent credit score, good financials and/or you buy discount points.

Which banks are in trouble in 2023? ›

List of Recent Failed Banks
Bank NameCityState
First Republic BankSan FranciscoCA
Signature BankNew YorkNY
Silicon Valley BankSanta ClaraCA
May 8, 2023

Is $20000 in the bank good? ›

$20,000 can be a healthy amount of savings but this largely depends on several factors, including your age, income, lifestyle or choice of retirement account. If you are under 45, $20,000 in savings would be considered above average.

How much money should you always have in the bank? ›

A long-standing rule of thumb for emergency funds is to set aside three to six months' worth of expenses. So, if your monthly expenses are $3,000, you'd need an emergency fund of $9,000 to $18,000 following this rule. But it's important to keep in mind that everyone's needs are different.

Can banks give you a better interest rate? ›

If the loan is a fixed-interest rate loan, then a bank cannot change the interest rate on the loan for the duration of the loan. If the loan comes with an adjustable rate, then yes, a bank can change the interest rate of the loan.

How do I get the best interest rate from my bank? ›

Here are some tips to help you get the best rate on your savings.
  1. Research current savings account rates. ...
  2. Compare high-yield savings accounts online. ...
  3. Avoid tiered interest rates. ...
  4. Avoid teaser rates. ...
  5. Consider switching banks.
Dec 21, 2022

Which bank provides lowest interest rate? ›

Compare Best Personal Loans at Lowest Interest Rates in India 2023
List of Banks/LendersPersonal Loan Interest RatesLoan Amount
YES BANK11.05% - 20.25%Upto INR 40 lakh
Tata Capital10.50% - 24.00%Up to INR 25 lakh
Fullerton India11.99% OnwardsUpto INR 25 lakh
35 more rows

Where do millionaires keep their money? ›

Millionaires have many different investment philosophies. These can include investing in real estate, stock, commodities and hedge funds, among other types of financial investments. Generally, many seek to mitigate risk and therefore prefer diversified investment portfolios.

Where is the safest place to put your money right now? ›

What are the safest types of investments? U.S. Treasury securities, money market mutual funds and high-yield savings accounts are considered by most experts to be the safest types of investments available.

Where do people lose cash the most? ›

  1. Your budget. The first place where people tend to lose money is in their family or personal budget, said Nathan J. ...
  2. Your paycheck. If your tax withholding is too high, you can also lose money in your paycheck. ...
  3. Lottery tickets. ...
  4. High-interest debt. ...
  5. Unclaimed assets. ...
  6. Your employer's 401k match. ...
  7. Insurance premiums. ...
  8. ATM fees.
Jan 20, 2016

What is the safest investment with the highest return? ›

High-quality bonds and fixed-indexed annuities are often considered the safest investments with the highest returns. However, there are many different types of bond funds and annuities, each with risks and rewards. For example, government bonds are generally more stable than corporate bonds based on past performance.

How much is $1000 at 6% interest? ›

Answer: $1,000 invested today at 6% interest would be worth $1,060 one year from now.

What is 5% interest on $1000? ›

5% = 0.05 . Then multiply the original amount by the interest rate. $1,000 * 0.05 = $50 . That's it.

How long will it take $1000 to double at 5% interest? ›

Answer and Explanation: The answer is: 12 years.

How much is $20 000 at 5 percent interest? ›

For example, if you take out a five-year loan for $20,000 and the interest rate on the loan is 5 percent, the simple interest formula would be $20,000 x .05 x 5 = $5,000 in interest.

What will $10,000 be worth in 20 years? ›

With that, you could expect your $10,000 investment to grow to $34,000 in 20 years.

What is the best CD rate for $100000? ›

Top National Jumbo CD Rates vs. Regular CD Rates
CD Bank5.01% APY$100,000
NexBank4.35% APY$100,000
All In Credit Union4.13% APY$100,000
Best non-Jumbo option: TotalDirectBank5.15% APY$25,000
46 more rows

What is the highest paying 3 month CD? ›

Best 3-Month CD Rates
  • Teachers Federal Credit Union – 4.50% APY.
  • Popular Direct – 4.50% APY.
  • NexBank – 4.30% APY.
  • All In Credit Union – 4.07% APY.
  • CBC Federal Credit Union – 4.00% APY.
  • TIAA Bank – 4.00% APY.
  • Farmers Insurance Federal Credit Union – 4.00% APY.
  • Luana Savings Bank – 3.96% APY.

How much can I make with $10000 CD? ›

A one-year CD with a $10,000 opening deposit that earns a yield of 5.1 percent would be worth around $10,510 when it matures in 12 months' time. This high-yielding one-year CD would earn you around $342 more in total interest than a CD earning the national average rate.

How high will interest rates go in 2023? ›

With the next Federal Reserve meeting coming up on May 3, 2023, it's uncertain if the Fed will keep interest rates in a holding pattern through the spring. Both the Fed and experts are predicting another 0.25% rate hike for May.

Will CDs reach 4 percent? ›

The annual percentage yields on high-yield savings accounts and one-year online-bank CDs can now reach 4% and 5%, according to

Where can I get 6% interest? ›

Best 6% interest savings accounts
  • Digital Federal Credit Union (DCU) Primary Savings.
  • Mango Savings™
  • Clearpath Federal Credit Union 12-month CD/IRA.
May 1, 2023

What are Bank of America CD rates right now? ›

Bank of America CD rates
Standard Term CD28-179 days0.03%
Standard Term CD6-11 months0.03%
Standard Term CD12-17 months0.03%
Standard Term CD18-23 months0.03%
12 more rows
May 11, 2023

What is the best savings account at the moment? ›

If you're looking for the best savings deal, here's a quick rundown of the top interest rates on accounts at the moment:
  • Easy-access savings account: 4.25%
  • Notice savings account: 4.30%
  • One year fixed-term bond: 5%
  • Sharia savings account: 4.95%
  • Regular savings account: 7%

How can I get 10% interest on my money? ›

How Do I Earn a 10% Rate of Return on Investment?
  1. Invest in Stocks for the Long-Term. ...
  2. Invest in Stocks for the Short-Term. ...
  3. Real Estate. ...
  4. Investing in Fine Art. ...
  5. Starting Your Own Business (Or Investing in Small Ones) ...
  6. Investing in Wine. ...
  7. Peer-to-Peer Lending. ...
  8. Invest in REITs.

How much is 5% interest on $1000? ›

5% = 0.05 . Then multiply the original amount by the interest rate. $1,000 * 0.05 = $50 . That's it.

Where can I get 10% interest rate? ›

Here's my list of the 10 best investments for a 10% ROI.
  • How to Get 10% Return on Investment: 10 Proven Ways.
  • High-End Art (on Masterworks)
  • Paying Down High-Interest Loans.
  • U.S. Government I-Bonds.
  • Stock Market Investing via Index Funds.
  • Stock Picking.
  • Junk Bonds.
  • Buy an Existing Business.
May 1, 2023

Can I retire on $300000? ›

In most cases $300,000 is simply not enough money on which to retire early. If you retire at age 60, you will have to live on your $15,000 drawdown and nothing more. This is close to the $12,760 poverty line for an individual and translates into a monthly income of about $1,250 per month.

How much interest does $10000 earn in a year? ›

Currently, money market funds pay between 4.47% and 4.87% in interest. With that, you can earn between $447 to $487 in interest on $10,000 each year.

How much is $100 000 with 5% interest? ›

What is 5% interest on $100,000 in a savings account? If you have $100,000 in a savings account that pays five percent interest, you will earn $5,000 in interest each year. This works out to be $416.67 per month.

What is 5% interest on $30000? ›

The total interest amount on a $30,000, 72-month loan at 5% is $4,787—a savings of more than $1,000 versus the same loan at 6%.

How much is $100 at 10% interest at the end of each year forever worth today? ›

Present value of perpetuity:

So, a $100 at the end of each year forever is worth $1,000 in today's terms.

Where can I get 9% interest rate? ›

Unity Small Finance Bank, Utkarsh Small Finance Bank and Fincare Small Finance Bank are now offering fixed deposit interest rates of 9 percent and higher. Banks have increased their fixed deposit rates after the central bank has hiked repo rates since May 2022. The FDs have emerged one of the safest investment options.

Where do I get highest interest rate? ›

BankInterest rateTenure
Shivalik Small Finance Bank8%18 Months to less than 24 months.
Suryoday Small Finance Bank8.51%999 days
Fincare Small Finance Bank8.41%1000 days
Utkarsh Small Finance Bank8.25%700 days
1 more row
Mar 29, 2023

How can I earn 20 interest on my money? ›

How To Get a 20% Return On Your Money
  1. Eliminating credit card debt. Did you know that credit card companies can charge interest rates as high as 29.99%? ...
  2. Paying your bills on time. We have covered the topic of late fees in the past. ...
  3. Refinancing a high interest rate auto loan.

What is 3% interest on $1 million? ›

For example, if you invest your million dollars at an interest rate of 3% for ten years, you will earn $300,000 in interest.

How much is $100000 at 3% interest? ›

On a $100,000 mortgage at a 3% APR, your total interest costs would range from $24,304.70 to $51,777.45, depending on the loan term you choose.

How much interest does $500000 earn in a month? ›

A $500,000 annuity would pay $29,519.92 per year in interest, or $2,395.83 per month if you prefer to set up systemetic withdrawals of interest.


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