How hard are your cash deposits working for you?

As many of you reading this will be aware, National Savings and Investments (NS&I) recently slashed the interest rates it pays on many of its savings accounts this month. Most notably its popular easy access account from 1.16% to just 0.01% AER and its Direct ISA has dropped from 0.9% to 0.1% AER.

Of course, the NS&I are not alone in reducing rates, if you search any comparison site, cash ISA instant access rates are around 0.6% AER, whilst easy access savings accounts are down at 0.5% AER.

In addition, let us not forget, most of the mainstream banks now offer just 0.01% on their instant access accounts so, it really is becoming increasingly difficult for savers to earn a good return on their cash.

Many of us know we should be looking at our cash deposits and switching them to a more competitive deal, yet in reality many of us ‘never get round to it’ due to the perceived ‘hassle’ or, for the few that may consider this, end up not proceeding because they think that the rates elsewhere are no better.

Well there is some good news. Whether you are a business, individual, or charity with cash on deposit, MHA Moore and Smalley can review you circumstances and assist you in securing market leading rates, whilst also reducing your risk through diversification, thus maximising any protections available to you.

For those individuals who have a longer-term outlook for their cash savings, now may be an opportune time to consider a stocks and shares ISA. Whilst there are other risks to consider, there’s also a real chance for inflation-beating returns over the medium to long term.

Some things to consider:

  • £270 billion held in cash ISA’s – earning little or no interest
  • Typical cash ISA rates less than 0.6%
  • Typical easy access savings rates less than 0.5%
  • Typical easy access deposit rates 0.01%

Get in touch and let us help you make your money work harder.

For more information on our cash management services, please contact a member of our Financial Planning team. Our initial meeting is always free and no obligation.

This article should not be construed as advice or a personalised recommendation. The most suitable solution for you will depend on your own personal circumstances.

If you would like to get in touch with our financial planning team, please email or phone 01772 821 021.

If you would like to discuss any further information regarding the content in this blog, please make sure to get in touch with Nathan Douse on or 01772 821 021

The LLP trades as MHA Moore and Smalley and is registered to carry on audit work in the UK by The Institute of Chartered Accountants in England and Wales and is authorised and regulated by the Financial Conduct Authority and details of our registration can be viewed at under reference number 448716.