Rachel Springall reports record experts Provident Rachel Springall

Savers could earn extra with record average rates not seen in nearly 15 years

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Now could be a good time to start putting money away, with one website stating average rates have risen above five per cent for the first time in nearly 15 years.

Moneyfacts found that a person with a deposit of £5,000 by early September on an average one-year bond had a rate of 5.34 per cent.

Meanwhile, the average one-year fixed-rate cash ISA paid 5.19 per cent and the average longer-term fixed-rate Isa paid 5.02 per cent.

The website defines longer-term accounts as those lasting more than 550 days. Levels such as this have reportedly not been seen since late March 2008 across the board. Read more: HMRC urges hundreds of thousands of young adults to check if they're owed £2,000 Read more: Amazon is giving every customer £5 to spend for free with special code - but you haven't got long Rachel Springall, a finance expert at Moneyfacts, said: “Savers may be delighted to see average rates reaching levels not seen since 2008.

Read more on manchestereveningnews.co.uk
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