{"id":43882,"date":"2023-10-30T18:19:07","date_gmt":"2023-10-30T18:19:07","guid":{"rendered":"https:\/\/histarmar.net\/?p=43882"},"modified":"2023-10-30T18:19:07","modified_gmt":"2023-10-30T18:19:07","slug":"savers-missing-out-on-best-interest-rates-as-28billion-put-in-accounts-with","status":"publish","type":"post","link":"https:\/\/histarmar.net\/world-news\/savers-missing-out-on-best-interest-rates-as-28billion-put-in-accounts-with\/","title":{"rendered":"Savers missing out on best interest rates as \u00a328billion put in accounts with …"},"content":{"rendered":"

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Savers are missing out on the recent wave of interest rate rises, according to new research from Paragon Bank.<\/p>\n

The bank\u2019s analysis of CACI data revealed that almost one in six new fixed and instant access adult savings accounts opened in the 12 months to August 2023 had a rate of 1.5 percent or less.<\/p>\n

This suggests that savers are failing to shop around for the best deals which are on offer from many high street banks and building societies.<\/p>\n

Some \u00a328billion was placed in newly opened adult fixed and instant access accounts earning 1.5 percent or below.<\/p>\n

Furthermore, around \u00a326.5billion of that amount has been placed into instant access variants.<\/p>\n

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In comparison, 3.9 million savings accounts were opened with rates paying above four percent.<\/p>\n

Of those products, around 2.8 million were for fixed-rate deals, with \u00a382billion deposited.<\/p>\n

Increases to interest rates have been implemented by banks following recent actions by the Bank of England.<\/p>\n

The central bank has hiked the country\u2019s base rate in a bid to mitigate the impact of soaring inflation on the economy.<\/p>\n

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<\/p>\n

As it stands, the base rate is at 5.25 percent which has been partially passed onto bank customers.<\/p>\n

Some financial institutions are even offering more than the Bank of England\u2019s base rate but these deals are likely to go away if the rate drops.<\/p>\n

Derek Sprawling, Paragon Bank\u2019s savings director, encouraged the public to take advantage of the hiked savings interest rates while they still can.<\/p>\n