Money Expert Shares Top Savings Accounts in May 2023
In a recent video, money expert Andy Webb of Be Clever With Your Cash revealed the top savings accounts in the UK for May 2023. With the Bank of England's monetary policy committee meeting on May 11th, where they will discuss potential base rate changes, Webb shared his insight on the latest movements in the savings account market.
"The current inflation rate is 10.1, but it's expected to fall below 3% by the end of the year. The Bank of England's monetary policy committee meeting on May 11th will provide more information on inflation and potential base rate changes, with an expected increase from 4.25 to 4.5," said Webb.
In his video, Webb highlighted significant increases in most types of savings accounts. He pointed out a "mini battle" among easy access accounts, with Chip now offering the highest rate at 3.71%. He mentioned that a total of 11 different easy access accounts now pay more than 3.4%, which was the top rate just a month ago. Webb urged savers to consider moving their money to a higher rate account if their rate is below 3.3%.
Webb also addressed notice accounts, saying, "DS Capital is offering 3.95% on 120 days notice, and DF Capital is offering 3.9% on 90 days notice." He emphasized that these accounts are worth considering if savers don't need instant access to their cash.
In addition to sharing the latest rates, Webb advised savers to check and activate any bonuses or rate increases for existing customers with their current provider. "Marcus, for example, has just increased their rate to 3.3% but you have to go into your online banking or app and activate a bonus to get that rate if you're an existing customer," he explained.
Tom Church, Co-Founder of money-saving community LatestDeals.co.uk, supports Andy Webb's insights, stating, "In these uncertain times, it's essential for savers to keep track of the best savings accounts available. Andy Webb's latest update provides crucial information to help everyone make informed decisions and get the most out of their savings.
Save More With These Discount Codes
Read More Money Saving Guides