Interest rate rises across board leave many savers very happy as they rake in some historic returns. As news of hikes filtered through the media, there were concerns that the average debt-burden will even worsen. Neverthesless, savers are in for some very attractive rates. For instance, the National Savings & Investment index-linked certificates which offer tax-free inflation beating returns, is now offering the highest ever rates on one year fixed-rate bonds – more than 6%. This is the first time this is happening in 5 years.
Although, inflation increase is not seen in a positive light, higher rate taxpayers can now enjoy the equivalent of 9.25% per annum which is 4% more than normal savings accounts. For base rate taxpayers, this figure is around the 7% mark. Returns from fixed-rate bonds is also increasing. Birmingham Midshires, has now launched a one-year fixed rate bond which will pay 6.05% gross. This is better than some of the best margins offered on normal products which stands at around 5.5% oon average and 5.9% at best. With further interest rate hikes expected this year, savers are bound to be laughing all the way to the bank, as there is likely to...
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