Over the past four months money has poured into savings accounts from people whose outgoings have fallen as a result of the coronavirus crisis. Figures from the Bank of England last week showed that £11.6bn was deposited in June, almost twice the £5.1bn averaged over the six months to February. This followed deposits of £57bn between March and May. Most has gone into instant access accounts where, thanks to the base rate falling to a record low in early March, returns are tiny pretty much across the board. On the high street, savers are being offered just 0.01% on easy access deals, and according to the Bank the average rate on instantly available deposits has fallen to just 0.13%. But you do not have to settle for those pitiful rates – you can do much better than 00.1% if you shop around. Obviously, the more money you have the more worthwhile it is. Anna Bowes, co-founder of the website Savings Champion, gives the example of someone with £50,000 in their account: “On the high street you would get £5 over the course of a year, but if you put it in NS&I’s income bonds, you’ll get £575.” That’s before tax…. Read full this story
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