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    You ignore exchange rate risk Tom also the fact that retail rates in the UK are higher than the bank base rate if you keep an eye on your accounts and shift money around when needed. Four years ago you would have got close to 5% retail and even now retail rates are 2.5% plus on some accounts, not 0.5%. In addition you need to allow for tax in the interest in the different tax regimes.

    The point is though, deposits are meant to be relatively low risk for cash needed in the short term or for cashflow purposes.

    Also the money on deposit will have lost a lot of value over those 4 years as a result of inflation.

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