Interest rates on the rise. But you could still get five times more on your savings

The top savings rates are on the rise. That should be good news for savers. But for most of us, it won’t make any difference.

Lots of us have our savings with the big high street banks. And they’re using our loyalty and lack of action against us. Many people don’t switch, so the banks have little motivation to give better rates.

And the amount it’s costing us is shocking.

In February, the average rate offered by banking giants as 0.02%, compared to the average top ten rate at 0.67%.

For the average household, that sort of difference in rate could amount to more than £2,000 over ten years, based on a savings pot of £30,000. That’s a significant amount, especially when we have to contend with inflation also reducing the spending power of our money.

Things have moved on since February. The Bank of England has increased interest rates, and some of the high street banks are slowly passing these rises onto customers. But it’s happening very slowly.

The market average for easy access savings at the time of writing was still 0.21%.

With Active Savings, you could get over five times as much on easy-access savings.

The instant access products you get with your bank offer immediate cash withdrawals. Active Savings offers easy access products where withdrawals usually take one working day.

You could also get even more by using fixed-term products. These often pay a better rate than easy access products, but you can’t usually get your money back until the term ends.

See our latest rates

Get a better savings rate

It’s time to get a better rate on your savings.

Active Savings gives you the tools to take back control of your savings.

You can pick and mix from easy-access and fixed-term savings products from different banks and building societies, with one online account. You’ll get better rates and more choice than a typical high street bank.

Picking and switching savings rates is simple and can be done in a handful of clicks. And you’ll see everything in one place, so it’s easy to manage.

Fixed-term products pay a fixed rate of the whole term, but you can't usually withdraw your money until the term has ended. With limited access products you can withdraw your money when you like, but only a certain number of times a year without incurring a charge.

This website is issued by Hargreaves Lansdown Asset Management Limited (company number 1896481), which is authorised and regulated by the Financial Conduct Authority with firm reference 115248.

The Active Savings service is provided by Hargreaves Lansdown Savings Limited (company number 8355960). Hargreaves Lansdown Savings Limited is authorised and regulated by the Financial Conduct Authority (firm reference number 915119). Hargreaves Lansdown Savings Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 with firm reference 901007 for the issuing of electronic money.

Hargreaves Lansdown Asset Management Limited and Hargreaves Lansdown Savings Limited are subsidiaries of Hargreaves Lansdown plc (company number 2122142).