Cash point

There’s a glimmer of hope for savers after Coventry Building Society and Ford Money yesterday increased interest rates.

Ford is offering 1.17% (up from 1.12%) on its Flexible Saver.

Coventry’s five-year fixed ISA pays 2.15% (up from 1.8%).

Both firms are offering the higher rates to new and existing customers.

These follow hot on the heels of Principality Building Society, Furness Building Society, Vanquis Bank, Newbury Building Society and Tesco Bank increasing rates on a whole range of accounts over the past week.

Charlotte Nelson, finance expert at Moneyfacts.co.uk, said: “Savers are finally seeing some positive news with rates starting to take an upward turn. While rate increases are small, it’s a step in the right direction.

“This positivity wouldn’t be possible without the fresh energy of the challenger banks, whose intense competition for the top of the Best Buys has kept rates rising.”

If you need a home for your savings pot, the current best rates on offer include: Kent Reliance (0345 1220022) easy access at 1.27%; Charter Savings (0800 0329999) easy access ISA at 1.1%; Al Rayan Bank (0845 5912009) one-year bond at 1.9%; Charter Savings one-year ISA at 1.4%; Al Rayan Bank two-year bond at 2.2%; Al Rayan Bank two-year ISA at 1.7%; Paragon Bank (0800 0522222) five-year bond at 2.45% and Coventry Building Society (0800 1218899) five-year ISA at 2.15%.