Regular savings rates fall - and you need to keep your eye on the small print
Savings rates have resisted the Bank of England's base rate cut in recent weeks, but the top rates on offer have now begun to fall - and the terms and conditions for some of them have changed.
Atom Bank's Instant Saver Reward account, for example, is offering the top rate at 4.75% AER, but if you make a withdrawal, the rate falls to 2.5% for the month that follows.
"It's important to double-check the small print, as many of the top rate accounts have either restricted access to the cash, which means that if you make some or too many withdrawals, you could earn less interest than you were expecting - or there may be a short-term bonus," Bowes says.
Here are the best rates available...
Fixed-rate bonds
The fixed-rate bond market looks different, with rates across all terms increasing slightly as markets expect no changes to be made to the base rate for a while.
While the new rates are only marginally higher, it does mean that savers have more inflation-beating options to choose from.
"Choosing a longer-term bond could be a way of hedging against any further base rate cuts that are still expected to happen over the next year or so," Bowes adds.
Here's a look at the best rates available. All of these accounts can be opened online and can't be accessed during the term...
Easy access cash ISAs
Unlike fixed-rate cash ISAs, which haven't changed over the past week, competition is fierce among easy access cash ISA providers.
Yet a few rates have been cut this week, which may indicate the start of a lull.
The top easy access ISA is 4.85% with Plum, while a week ago Chip was offering 4.99% on its Chip Cash ISA. Those who opened the account before this latest rate cut will still continue to earn the higher rate - for the time being at least.
"Currently it would appear that the best paying cash ISA on the market is the Moneybox Cash ISA, paying 5.46%. But this rate includes a bonus of 1.51% for just three months, after which the rate will fall to 3.95% - this account also restricts the number of penalty free withdrawals," Bowes explains.
"The advice would be to check the interest you are earning on your savings and switch, where possible, if you can improve your returns - but watch out for any tricks that might catch you out."
Here are the best rates on the market...
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