Savings rates hit record lows

Research by the Bank of England suggests the average rate of interest for instant access savings accounts was just 0.81% last month. Meanwhile, notice accounts saw their rates hit their lowest level on record at just 0.82%, 1.18% below December's base rate. In April 2008, when the Bank of England's base rate was 5%, instant access rates averaged at 2.19%, while notice rates stood at 2.99%. Cash ISA returns fell to an average of 3.02%, while fixed rate bond rates dropped to 2.09%, both record lows. The Bank of England says its current figures were calculated before its last two cuts ...