“Act Now or Risk Losing Over £700”, Personal Finance Expert Warns People in Belfast

Currently, savings rates are as high as 4.5% AER with RCi Bank, 1.5% above the current rate of inflation. With geopolitical uncertainty already feeding into fuel prices and broader market volatility, savers may want to review their options sooner rather than later.

According to Raisin UKs Great British Savings Report, people in Belfast are putting on average £454.12 aside in savings each month. This means locking money away in a fixed rate account for three years with RCi Bank could see people earn an extra £735.67 on monthly savings alone. That’s the equivalent to more than an extra month and a half in savings.

The research shows nearly half of consumers are willing to lock their money away for a year or more (52%). Yet, many are hesitating. Some worry about choosing the wrong account (16%), while others say the sheer number of options puts them off (23%).

But Kevin warns: “current market volatility means the Bank of England will make cautious moves to protect the economy, including lowering the base rate. Savings account providers will mirror these actions to lower their own funding costs. As a result, interest rates on savings accounts will fall. This is why it is critical to act now. 

“On top of this, only last month, Andrew Bailey, Governor at the Bank of England, anticipated the UK would reach the 2% inflation target by Spring 2026. Now, the latest OECD report suggests we could see a rise in inflation from the current 3% to 4% before the year is out. 

“So delaying the decision to choose a new savings account may mean you not only lose the opportunity to benefit from the extra savings, your money will also lose value if inflation rises. With the cost of living tight as it is, pockets are only set to feel the squeeze more. Acting now means you’re helping build your own financial resilience.”