Several banks and building societies increased the rates on their savings accounts this week including Tandem Bank, whose rate rise resulted in it topping the easy access savings chart paying 0.65%
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The launch of Nationwide’s Member Prize Draw last month caught many savers attention with the promise of being entered into a monthly prize draw for 12 months
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The savings charts remain volatile this week, with new rates constantly being introduced and withdrawn. Overall, many of last week’s top rates remain available with the top rate in the two year chart improving week-on-week, but demonstrating how volatile the savings charts are at the moment, the top rate in the one year fixed bond charts has fallen.
Savers should be aware that the accounts highlighted below are the top-paying accounts available to new customers and higher rates may be available to existing customers only. Savers can compare the best savings rates available to existing customers by visiting our savings charts and selecting these accounts in the refine search section.
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With inflation rising to 1.5% in April, savers will be disappointed to see that, despite some higher rates entering the charts, just one seven year fixed rate bond that pays interest on maturity can currently beat the rate of inflation. As well as this, although saving rates have picked up over the last couple of weeks, there is uncertainty about whether rates will continue to rise, especially with the Bank of England base rate currently holding at 0.1%. As such, savers looking to get the best rates should consider acting quickly as providers can withdraw or reduce rates at any time.