How savers have fared

By Sylvia Morris for MailOnline
Updated:

 

AMY FRANCIS, 12, has built up £1,400 in a Smart account with Nationwide, which she opened when she was eight.

The building society will raise its rate from next week to 4.6%. Unfortunately, it is passing on only 0.15 points of the 0.25 rise in base rate this month and has passed on just 0.6 points since last November. Despite holding back 0.15 points of the base rate rise, Smart is still among the top paying accounts. Amy, from Swindon, can expect £64.40 in interest each year.

Amy says: 'I put birthday and Christmas money into the account and take some out if I want to buy something big. Last month I bought some hair straighteners. I like earning interest and always ask for a receipt when I take money out using the cash card.'
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STUART McGREGOR, 32, pictured with his wife Louise, opened an E-Saver account with Yorkshire Building Society earlier this year, attracted by the guarantee that the rate will move in line with base rate. Since rates started to rise, the building society has passed on more than the 0.75 point rise to savers who now earn 3.68% after 20% savings tax, or 4.6% before tax, from Sunday.

Stuart, an engineer who has just set himself up as a driving instructor under SLM Driver Training in his home village Erroll, near Perth, says: 'The account offers a very good rate of interest. I have other accounts with Yorkshire. It might not pay the very top rate on all of them, but it is consistently good and it means I am not involved in the hassle of changing accounts all the time.'
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KEEN footballer Jamie Trinder, 22, from Newbury in Berkshire opened an Easy Access Savings Account over the phone with National Savings & Investments (NS&I) shortly after the government-sponsored bank launched the account in January. Since then we have seen two 0.25 point rises in the Bank of England base rate and NS&I has passed the full rise on to its savers.

At £5,000, the Easy Access Savings Account, which can be run through a cash card or over the phone, features among the best buys in the High Street where it pays 2.64% after 20% tax - or 3.3% to non-tax payers. Jamie, who has just written his finals after reading Maths at Reading University, says: ' I tend not to touch the money. I am pleased that the interest rate goes up.'

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