Rising interest rates make uninvested savings a safer, better option, says Saxo Bank

Rising interest rates make uninvested savings a safer, better option, says Saxo Bank

Dubai, UAE – As inflation rises around the world and global populations grow concerned about economic prospects amid unstable markets and cost-of-living crises, many financial advisors are telling their clients to safeguard sufficient cash reserves in case of unexpected emergencies.

“While it is not quite a return to the days when cash was king, we highly recommend keeping at least six months’ worth of living expenses in a savings account, which is not invested into the markets, that can be accessed immediately,” said Damian Hitchen, CEO at Saxo Bank (MENA). “Such accounts are currently paying quite generous amounts of interest, which has not been the case for some time, so it makes sense to utilise these while the global socio-economic situation is unstable.”

“As with any financial investment or purchase of course, doing the research and shopping around is vital to secure the highest-yield accounts – what I can say though is that Saxo Bank is currently offering some of the best rates on the market for cash.”

Saxo Bank has been offering positive interest on uninvested cash since the turn of the year. Those with US dollar accounts can currently earn 2.59% per annum on deposit balances equivalent to more than €100,000