Last week in the UK the Bank of England put interest rates up again, and they now stand at 5.75%. Predictably the mortgage companies were quick to copy this and increase their rates, but if you have a savings account you’ve probably noticed that the interest rates on that have just stayed put.
This morning I had an email from ING Direct, telling me that despite the interest rate rise they were keeping their rates at 5%, which is a real swizz as far as I’m concerned when other accounts are offering as much as 6%. So I’ve closed my account with them and am switching to a Sainsbury’s Bank internet saver account, where you get 6% on your savings and aren’t tied in to keeping your money with them for a fixed period. Plus, it says you can invest up to £2,000,000 with them, so if you have that amount of money under your sofa cushions, this would be a good place to stash it instead.