• A  A  A  A  

Savings and Deposit Accounts – Ups and Downs

by Insignis Cash Solutions in Newsletter Archive

The ups…

A recent report, by leading financial authority Moneyfacts*, shows that interest rates are showing some early signs of an upward trend, driven almost entirely by the rates from the newest UK banks (so called challenger banks). These newcomers need savers’ funds as they attempt to increase their presence in the market. According to the report, “last month the interest rate increases (67) outweighed the cuts (53) for the first time in 15 months.”

At the end of February 2017, there were 1,525 saving products from 115 providers on the market, the highest number since the Brexit vote. While interest rates are still low, we see enough variety in product offering from the banks that our clients are able to benefit from.

The best available rates for March are:


…the downs…

Of course, we also need to factor in inflation. Savings interest can mitigate the damage inflation does to your savings. Inflation predictions are set to rise as high as 2.4% for 2017 so any interest earned against that backdrop is more critical than ever.

…and the ups again

A key consideration when thinking about savings is compound interest and the significant impact this can have. Earning interest on interest goes a long way to mitigate inflation’s depressive effect. But the key to getting the most out of compounding is, of course, ACTION. Do something now so that there is interest to compound. There is much to lose from waiting until the rates increase before investing.

Rather, invest now and let Insignis do the work for you by moving your cash into better interest-bearing account immediately.

*In the UK financial industry, Moneyfacts is recognised as the leading authority of independent and unbiased financial comparison, reporting and analysis information. Like the Bank of England, the British Bankers Association and the FCA amongst others, Insignis use Moneyfacts for our daily rate updates.

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>


  • A  A  A  A  

Press Contacts

Sally Maclachlan
01223 200 674


Insignis Cash's Twitter avatar
Insignis Cash

Savings rates reach their highest since 2016 t.co/oQ3HbSOMsN via @Telegraph

Insignis Cash's Twitter avatar
Insignis Cash

UK could scrap 1p and 2p coins t.co/SdlgqwF9iG via @Finextra

HM Treasury's Twitter avatar
HM Treasury

Here’s our #SpringStatement 2018 economy snapshot.

Retweeted by Insignis Cash
Show Media
Tweet Media
Insignis Cash's Twitter avatar
Insignis Cash

We’re proud to exhibit at the International FinTech Conference. Come and see us at our #IFTC2018 stand on 22 March… t.co/f45zQKYFg2

Oscar Williams-Grut's Twitter avatar
Oscar Williams-Grut

Britain getting healthier? ONS ditches pork pies and lager bought in night clubs from inflation basket. Exercise… t.co/qlwtpsnzdr

Retweeted by Insignis Cash

As Featured In: