Savings account: Interest rates and accounts on market hit record low | Personal Finance | Finance

“The differential rate between fixed ISAs and non-ISAs remains, reiterating the necessity for savers to carefully consider their tax-free allowance and Personal Savings Allowance (PSA).

“Easy access accounts remain a convenient, safe and popular savings vehicle for consumers and according to the Bank of England, cash continues to flood into sight deposits, hitting £101.87billion during 2020.

“Despite deposits reaching £14.67billion during December, interest rates on easy access accounts fell to a record low of 0.17 percent and there is now little difference between the top 10 best rates on the market.

“The most notable change month-on-month across the market has been its contraction, as there are now fewer savings deals on offer than ever before.

“In fact, there are 398 fewer overall than a year ago and looking solely at ISAs, there are 82 fewer deals.

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