UK savings: 5% interest rate deals may not last, say experts

Savers are seeing a rare boost as National Savings & Investments raises returns on select accounts, with some now offering over 5%—levels not seen in nearly three years. The move reflects intensifying competition in the savings sector, pushing rates higher as banks and financial providers vie for customer deposits. For those locked into low-paying accounts, the shift could signal better opportunities to grow savings. Those with NS&I accounts may want to check if their rates have changed.

Competition is hotting up, with National Savings & Investments lifting rates to the highest in yearsNational Savings and Investments (NS&I) has increased the returns on some of its accounts, with many now paying more than 5% for the first time in nearly three years.Competition in the savings market has been growing, leading to some of the highest interest rates for years. Continue reading...