"Right now, however long you’re prepared to fix your savings for, you can’t get more than 1.65 percent (Shawbrook Bank over seven years). Savers might feel they’re fighting a losing battle to stay ahead of inflation at the moment, but they can’t afford to give up.
"Rates aren’t much to write home about, but that doesn’t mean you should shrug your shoulders and settle for 0.01 percent from a high street bank.
"Nobody putting £30,000 aside for a year should have to settle for £3 of interest when there’s £150 available from a newer bank or £300 if you fix for a year.
"We should all have three to six months’ worth of essential expenses in a competitive easy access account, and at the moment, the best you can make on this money in an account without restrictions is 0.5 percent.
"We can’t afford to risk going without these emergency savings. If the past year has taught us anything it’s that life is desperately unpredictable, and having a safety net to fall back on can make a massive difference.
"Once you have your emergency fund, you also need cash savings to cover the money that you’re planning to spend in the next five years.
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