Earn 7% interest on savings — but there’s a catch
Banks have been slow to pass on higher interest rates to savers, as inflation eats away at hard-earned nest eggs. But savers tempted by some attractive rates on the market might find their money works harder elsewhere.
First Direct pays a market-leading rate of 7 per cent on its regular saver account, but you will need to open a current account with the bank to qualify. Customers must save at least £25 each month but you cannot pay in more than £300 a month — so it may not suit those looking to put away large sums.
If you put aside the maximum amount, you would earn £136.50 interest after a year, giving you a total balance of £3,736.50.
The rate is fixed for a