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In June, The Office for National Statistics (ONS) announced the Consumer Prices Index (CPI) rose by 7.9% compared to the previous year. This is down from 8.7% in May which reflects a ‘slowdown’ in the annual rate between May and June.
As inflation is beginning to slow, it is expected that future increases to UK interest rates will also ease. Currently the official Bank of England Base Rate is 5.00% which is the highest it has been since April 2008, during the global financial crisis.
At present, the most competitive easy access accounts are offering c4.50% gross AER. Therefore, by holding £10,000 in one of these accounts, you could be expected to receive c£450 per annum in savings interest. With increasing interest rates, it is now more important to ensure your savings are held in the most tax efficient manner.
If you would like to speak to a member of our team about interest rates and ensuring funds are held in a competitive tax efficient cash account, please do not hesitate to get in touch.
