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After two years of rising interest rates, savers were finally starting to feel like they were winning. But last week’s Bank of England rate cut to 4.25% is a reminder that the good times may be gradually coming to an end. The cut itself wasn’t huge, but it matters. Banks and building societies tend to take rate cuts as a cue to start trimming what they pay you, often quietly. So, if your money’s sitting in an account you haven’t checked since last year, there’s a good chance it’s already earning less than it should.
New research from the savings app Spring found UK savers have a collective £526 billion sitting idle in low-interest accounts paying 1.25% or less. So, with interest rates on a downward spiral, those putting off fixing their savings rate may find now to be the moment to do so. Some of the best one- and two-year fixed-rate accounts are still hovering around 4.5% to 5%, but those deals won’t hang around. Providers often pull or tweak rates in the days following a Bank of England move, so if you find a deal you like, consider snapping it up.
But don’t fix for the sake of it. If you think you’ll need access to the money in the next year or two, for, say, a house deposit or to cover rising bills, flexibility may still be worth more than a few extra basis points. That’s why many people prefer the freedom of an easy-access account.
These accounts usually let you withdraw money without penalty, and the good news is, interest rates here haven’t dropped drastically yet either. You can still find deals offering up to 4.75%, so it’s worth shopping around.
It’s also worth checking whether your bank is passing on cuts faster than it ever passed on the rises. If your rate starts with a “3”, you can probably do better elsewhere in five minutes. And don’t just opt for high street banks – most of the big names are the culprits that are paying you a pittance on your nest eggs.
Look into the challenger banks, like Atom Bank or Chase, which are currently offering some of the better returns on the market. Just make sure the provider is FCA regulated and authorised by the Financial Services Compensation Service (FSCS), which protects up to £85,000 of your cash.
A single rate cut doesn’t signal a crisis, but it’s a nudge. The era of higher returns on your savings might be slipping away, so make the most of what’s left. Review your accounts, ditch the stragglers, and don’t be afraid to lock in a better rate before they vanish. Check websites such as Moneyfactscompare.co.uk for top rate savings tables.
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DEAL OF THE WEEK
If you’re a regular at B&Q, it might be worth signing up for their Club membership. By registering online or via the app, you’ll get access to a range of rewards and offers, including a £5 off coupon when you spend £30 or more. Members also receive exclusive 10% discount vouchers, cheaper key cutting services, and special deals on van hire from Hertz.
Simply grab a Club card in-store and register it online to start making the most of these benefits on your next DIY trip. Over-60s with an existing B&Q Diamond Card can enjoy a 10% discount in-store every Wednesday.
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If you’ve got a driveway or parking space that’s going unused, you might be sitting on an opportunity to make some extra cash.
People are earning hundreds, even thousands, of pounds each year by renting out their parking spots to commuters. How much you can make depends on factors like local demand and the amenities nearby, but in many areas, there’s always someone in need of a place to park.
New data from YourParkingSpace, an app that lets you list your space or find one to rent, shows that some postcodes are raking in nearly £500,000 a year. Popular spots near sports stadiums, airports, and major cities are particularly in demand.
For example, the HA9 postcode in Brent, home to Wembley Stadium, collectively earned a jaw-dropping £484,257 in 2024.
Other top earners include LU2 near Luton Airport, which generated £157,785, and L5 in Anfield, home to Liverpool FC, with £147,773. Even commuter towns like Aldershot are seeing high demand for parking, so if you live in one of these areas, it’s worth checking how much you could earn.
Renting out your space is simple. Check eligibility and use a platform like YourParkingSpace, JustPark, or ParkLet to list it. These apps let you set your availability and pricing.
You can earn up to £1,000 a year without having to pay income tax. Just keep in mind, if you earn more than this amount, you’ll need to report it to HMRC and possibly fill out a self-assessment tax return.
