Best savings rates: Get best buy savings accounts sent to your inbox

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As inflation rises and interest rates follow as the Bank of England tries to keep it in check, savings providers invariably start offering accounts with more attractive rates to their long-suffering customers. In a world of apparent gloom, this is good news. You don’t want to miss anything.

When we hear about a new Best Buy Savings Account, you can be one of the first to know.

Sign up for our simple savings alert service by entering your email address below. We need your email address and… that’s all.

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a potinter on which savings account to choose

Check if you have cash in your account that you’re paying now, say 0.01 percent that you didn’t know had become a worthless business. Even government-backed Premium Bonds provider NS&I is guilty of holding customers’ money in disgraceful accounts like this one and not informing them. Check your paperwork.

By the end of August 2022, after the first flurry of increases, the average easy-access account [the one where you can withdraw cash throughout the year without penalty] had become more attractive, but still paid a paltry 0.77 percent – but this was a record in NINE YEARS. Can you do even better? You can.

The average one-year fix had risen to 2.21 percent — the highest level since January 2013, and even more compelling longer-term fixes reached nearly 3 percent, a rate not seen in a decade.

These averages are dragged down by often complacent, inflexible, arrogant (choose your adjective) bigger banks offering a pittance. You have to shop. There are plenty of new, reputable banks in the area that are worth checking out.

In early October, rates topped 4 percent — and on their way to 5 percent. Wherever your money is kept, unless it’s still in a decent longer term solution, you could probably do better.

Which savings campaign should you go for?

With rising rates such as Mentos in a coke bottle it can be difficult to know when to bite the bullet and select an account — especially with fixed accounts, where your money is stuck for a year or more and then you have to watch other rates burst through the ozone layer while you’re stuck on a dry lawn. Do not look. Read more.

Easily accessible account holders can move their funds at will. But the difference between a best easily accessible deal and a best one-year solution can be a few hundred pounds a year in interest on a £10,000 down payment.

One possible solution for savers who are afraid of losing access to their money, but also want to increase their rate, is to consider a cancellation account. A cancellation account is an intermediate between a low-threshold account and an account with a fixed interest rate.

Tax-free cash ISAs also look like they could once again become more important in your savings arsenal. As rates rise, keep an eye on what the tax authorities are watching on the interest you earn. With an Isa you are protected.

This is where your journey and your knowledge begins.

Sign up for our savings alerts and we’ll send you an article detailing the new best buy account announced, plus plenty of links to tips, research and explanations about the latest offers.

As a taste of what’s in store, below are some of the latest deals picked by our editors, with a link below to our famous savings charts, launched over 20 years ago. They are just as independent and reliable as they were at the turn of the millennium when the average savings rate was… somewhere in the region where we are going in 2022.