Banks are increasing savings rates but they still can't match pre-financial crash levels
Banks are increasing savings rates but they still can’t match pre-financial crash levelsSavers can now earn over £500 more on their deposits, compared to when rates were rock bottom, as banks finallyafter reaching a low in March 2021, when millions were stuck on returns of as little as 0.01 per cent.
If someone had put £10,000 in the best easy access account two years ago – which back then was Marcus by Goldman Sachs which was paying 0.5 per cent in March 2021 – they would have earned £258.63 in interestNow, the top rate is Santander’s Easy Access Saver paying 5.2 per cent. Assuming the rate remains the same for the next 12 months, you will earn £520 over the next 12 months, a difference of £260.
However, those stuck with the non-best buying accounts who were receiving rates of just 0.1 per cent would have only found they had returns of just £10 – a huge difference of £510.
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