Competition among financial firms for a slice of the nation’s savings is intensifying, with Nationwide launching an account paying a “market-leading” 8% interest.
A string of Bank of England interest rate rises since late 2021 have pushed up savings rates across the board. The Bank voted to leave interest rates on hold on Thursday at 5.25%, but that is still well above the 0.1% they were at in November 2021 before the rate hiking cycle began.
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