When the Bank of England cuts the base rate (as it did last month), savers are encouraged to move fast to lock in top-paying deals before they vanish.
The base rate directly impacts savings rates - so when it drops, rates on many accounts do too.
But just how quickly do the best rates disappear?
The answer is: pretty fast.
While calls to “act now before it’s too late” might feel like scaremongering, the truth is many banks cut rates within days of a base rate decision.
Research by consumer group Which? found one in five instant access accounts either slashed their rates or pulled deals entirely in the week following November’s base rate cut.
But all is not lost.
If you missed the chance to lockin a headline-grabbing deal, don’t worry - there are still decent rates available.
Instant access accounts are often first to see their rates chopped after a base rate cut - so it’s a good idea to start here and check whether you could be earning more.
Right now, the top-paying instant access deal on the Akoni platform is paying 4.20%*. This is a variable interest rate so could go up or down at any point and the minimum deposit is just £1.
Notice accounts - a middle ground between instant access and fixed-term savings accounts - these also tend to be impacted by base rate cuts.
On Akoni, the best notice accountis offering 4.55%* on its 90-day term deal and the next best one is paying 4.20%* on a 120-day term.
If you’re comfortable locking some money away, there are some competitive deals on fixed term accounts. With these, the rate won’t change for the duration of the term.
You can currently get a top rateof 4.50%* on a 6-month fixed rate account, or 4.53%* on a 3-month deal.
Banks adjust interest rates all the time, and with deals coming and going quickly, staying on top of them can feel like a full-time job.
But you don’t have to do all the heavy lifting. The Akoni cash management platform lets you track, manage, open and switch between deals quickly and seamlessly.
Simply open one account and get access to over 110 FSCS-protected, instant access, notice, and fixed-term accounts paying competitive rates of interest.
*Rates correct as at 13.12.2024
Ready to make managing your cash savingssimpler with Akoni? Start your journey to better savings today.