Loyalty now costs savers £1,000

MY NUMBER 1 RECOMMENDATION TO CREATE FULL TIME INCOME ONLINE: CLICK HERE

Santander offers one of lowest rates on the markethowever, according to analyst Moneyfacts, the Everyday Saver returns just 0.1 percent to its customers.

TSB and Barclays account holders fare only slightly better, with returns of 0.25 per cent.

Nationwide pays 0.35pc, while NatWest accounts pay 0.4pc and 0.5pc.

Those rates are lower than the average for easy access accounts, which is 0.79 percent, according to a Savings Champion analyst.

Savers depositing £50,000 into Al Rayan Bank’s Best Easy Access Account would earn £1,050 in interest.

Conversely, those with the same balance on Santander’s Everyday Saver account would receive £50.

The easy access levels offers from seven of Britain’s biggest banks and building societies are lower than the average of 0.79 per cent, says analyst Savings Champion.

Average interest rates have increased by 0.64 percentage points since December.

Laura Suter of broker AJ Bell said many savers would need to switch accounts to see the benefits of rising interest rates.

“If savers do nothing, they will get nothing,” she said. “Banks don’t need to raise their savings rates, and many won’t, preferring instead to use a rise in the base rate to boost their profits.”

Sarah Coles, of broker Hargreaves Lansdown, said smaller and newer banks were doing more to attract new customers by offering better interest rates.

“If you moved to the most competitive account, you could make about five times the interest,” she said.

“If you have a very bad account, you could earn 20 times the interest by switching.”

.

MY NUMBER 1 RECOMMENDATION TO CREATE FULL TIME INCOME ONLINE: CLICK HERE

Leave a Comment

error: Content is protected !!