August Cash Recommendations Report
It’s a challenging time at the moment for savers. Following the announcement that Britain has officially entered a recession, some may be concerned about the security of their savings. In addition, the Bank of England's recent base rate cut has meant that interest rates have plummeted. In this report, we have set out what we believe to be the most competitive rates on the various types of personal deposit accounts available. These accounts are also protected by the Financial Services Compensation Scheme (FSCS). Where if a provider fails, the FSCS will pay out an amount of £85,000 per person, or £170,000 for a joint account. If the account is with NS&I, who are backed by HM Treasury, your full balance is protected. This is particularly useful when looking to place large sums, for example, following the sale of a property.
The rates quoted may be subject to change and should be checked with the relevant provider before applying.
