This account doesn’t track the base rate instead, it changes monthly based on the average of the 20 highest cash Isa rates on the market. If you’re looking for a tax-free option, Family Building Society offers a Market Tracker Cash Isa paying 3.66pc (rising to 4.69pc from October 1 2023). The interest rate is guaranteed to never fall more than 5pc below the base rate – a term that would only be of use if the base rate was far higher. Savings between £50 and £500 receive 2.45pc, and you’ll get 2.5pc if your balance tops £500. It pays 0.25pc below the base rate for annual interest, or 0.3pc below base rate for monthly interest, and you have to commit for the full two years – during which time the Bank Rate could change significantly.ĭudley Building Society also offers an easy-access tracker account, but the rates on offer are pretty low. The highest paying tracker account on the market is the Family Building Society 2 Year Tracker Rate Bond, which is currently at 5pc. There are only a small number of savings tracker accounts on the market and, while they do track the base rate in some way, it may not be how you’d expect. Here, Telegraph Money sets out everything you’ll need to weigh up before making this big savings decision.
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