Not financial advice: Based on an interest rate of 4% compounded monthly, £100m would earn £4,074,200 interest per year. At 6% the amount of earned interest after a year would be £6,167,800.

The longer the money is kept in the account, the faster it will increase in value; this is due to compound interest. Once the original deposit has grown due to interest, the interest is now based on a larger amount than the original deposit.

No more than £50,000 should be kept in a cash savings account. That is the maximum compensation guarantee limit in the UK.

Curious about when the Bank of England will announce its next interest rate decision? Find out the schedule from Reuters.