News
Ditching big banks can get you 20% more interest on your savings
Out of 15 well-known brands, seven fail to pay more than the Bank of England base rate of 0.10% on their easy access accounts, according to analysis by Moneyfacts.
HSBC and Lloyds Banking Group pay just 0.02% on average across their range – that’s just £2 of interest a year on £10,000 of savings.
NatWest Group offers 0.03%, Santander 0.04%, TSB 0.05%, Barclays Bank 0.06% and The Co-operative Bank group 0.06%.
Despite the lacklustre rates, savers are still stashing their cash away in easy access accounts, perhaps for peace of mind, with £11.6bn in deposits made in April – or £51bn so far this year – according to the Bank of England.
They could earn significantly more by switching away from high-street banks, with building societies offering some comparatively attractive deals.
Yorkshire Building Society pays 0.30% on average, Principality Building Society pays 0.25%, Leeds Building Society pays 0.24% and Coventry Building Society pays 0.23%.
But the best easy access rates are still from the challenger banks.
Cynergy Bank, Atom Bank, ICICI Bank UK and Charter Savings Bank all pay 0.50% on their easy access products, which is £50 of interest on a £10,000 deposit.
There are 0 Comment(s)
The savings accounts paying the most interest
It’s time to get your finances in shape for summer, and moving your cash savings to a higher paying deal is ...
Everything you need to know about being furloughed
Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...
The experts’ guide to sorting out your personal finances in 2021
From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
Having a baby and your finances: seven top tips
We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...
Protecting family wealth: 10 tips for cutting inheritance tax
Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...
Travel insurance: Five tips to ensure a successful claim
Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...
© AE3 Media Ltd, Floor 7, Lincoln House, 296 - 300 High Holborn, London WC1V 7JH, Company.
