This year has seen savers face the challenge of record low saving rates with rising inflation. Although inflation remains above the Bank of England’s target rate of 2.0%, and could rise to over 5% next year, the end of 2021 has provided savers with some good news as rates have slowly started to rise
This week saw a number of banks increase their savings rates, notably Investec Bank plc raising the rate on its easy access savings account, which now pays the second-best rate in this chart
Cynergy Bank caught many savers’ attention this week when it increased the rate on its easy access savings account to now top the chart with a rate of 0.70% AER
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During the week Cynergy Bank increased the rate and changed the issue number on its easy access savings account, so it now pays the top rate of 0.66% AER in the easy access savings chart