Fixed-rate savings accounts have proved relatively attractive over the last few years, offering higher interest rates than comparable cash ISAs. When the government announced the Personal Savings Allowance they became more attractive still, as any interest earned up to £1000 would be tax-free even though it’s outside an ISA ‘wrapper’.

Here’s the good news…

So if you’re coming to the end of a one-year fixed rate deal, for example, you might well be tempted to lock your savings into another one – and the good news is, rates have risen since last year.

At the start of 2017, the best rate you’d find on a one-year fixed rate savings account was 1.4%. This year, the top two rates are 1.77% and 1.76%. That compares with a top one-year rate of 1.41% on a fixed cash ISA (which has also risen slightly, from 1.01% last year).

Here’s the bad news.

“Great”, I hear you cry. “I’ll put my savings into another fixed-rate savings account – job sorted”. But hang on a minute…

Inflation’s also gone up. On the back of Brexit uncertainty and rising global commodity prices, it currently stands at 3.1%.

Think about it: with inflation at that level, even the best savings accounts are paying just over half that in interest. Which, effectively, means your savings are losing value.

Wait…here’s some more good news!

At this point, it would be easy to throw your hands in the air and scream – after all, throughout the age of austerity those smart enough to have savings seem to have been bottom of the pile.

But there are alternative tax-free ISA investments available. It’s simply a case of knowing where to look. And the place to start, of course, is In the Know, who can introduce you to regulated ISA experts who’ll review your options, without any commitment or cost.

If that sounds more like what you want from your savings, you can find out more by following this link. That’ll get you out of a fix….

Click here for further information on intelligent ISAs