Cash savings rates rise but watch out for the tax sting

Laura Suter looks at a bit of good news among the gloom – cash savings rates

clock • 3 min read

Savers are, finally, once again getting some bang for their buck, writes Laura Suter. But, she warns, there could be a tax sting the tail for some…

Good news is in short supply at the moment. But amid the headlines packed with the cost-of-living crisis, soaring energy bills and rising mortgage rates, there is a bright spot: savers are getting more for their money. After years of interest rates being at rock bottom, anyone with cash lying around is now starting to see a return on their money. As a result of six consecutive Bank of England interest rate rises and another waiting in the wings, a savings war has broken out and cash savers are reaping the rewards (not taking into account inflation, of course). Just last week, Moneyfac...

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