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Savings rates 'on the up' - but check your own rate isn't falling

By Joel Stanier

18 April2021

Savings The average interest rate on an easy-access savings account has risen above 1% for the first time in two years, according to Moneyfacts.

But as reported by Thisismoney.co.uk, many existing savings accounts that were competitive when they were launched are now having their rates cut, only to be replaced by even better deals for new customers - meaning savers could unknowingly be missing out on interest, unless they switch.

An expert at Think Money comments: "Savings rates have been relatively low for a few years now, but it's still well worth looking around from time to time for a more competitive deal. This is all the more important now rates appear to be rising.

"As we can see from this research, interest rates on a lot of existing savings accounts are actually falling, so it's important to keep searching around to make sure your own savings keep up. Switching savings account may seem like an inconvenience, but it could be well worth it when you consider the interest you could be earning.

"Savers may still struggle to make their savings keep up with inflation - but a proper savings account is still better than just leaving all your money in a bank account."

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Tags: bank, banking, bad credit bank account, interest rates, switch banks

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