Due to the economic crisis in the UK the Bank of England's base interest rate is just 0.50%. This means that the majority of people are receiving very low rates of interest, particularly if they keep their money in a current account rather than a dedicated savings account. Since the best consumer savings rate on the market today is just under 4.00% many savers would be much better off moving to a high interest rate saving account - unless they took advantage of a fixed rate savings account before national interest rates were cut.
Use our handy calculator to work out how much interest you are earning, or what you could be if you switched to a better account. Just enter how much you have to save (if you are already saving), and how much you could put into your account each month, then enter your current interest rate.
| £0 | £10,000 | |||
| £0 | £2,000 | |||
| 0% | 7% | |||
| 0 | 15 | |||
| Total investment: | £0 | |||
| Total Interest Earnt: | £0 | |||
| Final Account Balance: | £0 | |||
| You Could Earn | More if you were to move accounts today | |||
