IS NOW THE TIME TO FIX RATES FOR SAVERS ?

For much of the last two years , borrowers have had an anxious time of it . It ’ s believed that one in four mortgage customers have seen their payments rise every six weeks since December 2021 . And those with a mortgage coming to the end of its fixed term will have seen interest rates increasing to their current levels and cursed the unfortunate timing . But what about savers ? Is right now their last chance to secure a preferential savings rate before the tide turns again ? Because with the Bank of England having just left UK interest rates unchanged for a fifth consecutive meeting in December , and with inflation trending downward , there ’ s a strong argument to suggest interest rates have peaked and will be headed downwards in 2024 . Chances are , clients interested in fixing a high rate of return for their savings won ’ t be able to do so with their existing high street or corporate savings accounts , which are notoriously slow to pass on interest rate hikes to customers . But they can with the Triple Point Income Service , which is still offering fixed rates of up to 8.04 % over three years , delivering a compound return of 26 %. That return looks even more impressive when you consider the lack of other sensible options for short-term returns . For example , many clients would love a higher return on their savings but are still nervous of stock markets . Others will want higher returns over a short period , and don ’ t have the time horizon for an equity cycle to play out . Therefore , an investment that can deliver a fixed annual rate of return over a timeframe of one to three years could be the right solution at the right time . And for you , it presents an advice opportunity – by recommending an investment vehicle that puts cash to work over a timeframe that suits your clients ’ objectives .