Savers are missing out on £12 billion a year by keeping their money in accounts that pay miserly rates, according to new Which? research. But don’t despair – you can take action today to claim your share of the £12bn and force banks into action.
Almost half of the 1,200-plus savings accounts available in the UK pay 0.5% interest or less and one in four pays 0.1% or less – just £1 a year for every £1,000 saved.
If all of us with easy-access and notice savings accounts and cash Isas moved our money to best rate versions of those accounts, we British savers would be £12bn a year better off. That’s equivalent to £322 for every saver with an easy access or notice savings account or cash Isa.
Use the Which? Savings Booster to get the best deal on your savings and cash Isa
Our free Which? Savings Booster will show you the rate you’re currently earning on your savings and how much extra you could be getting with a Best Rate account.
Use the Savings Booster now – just enter how much you’ve got in your savings account, choose your provider and account from the dropdown menus and find out how much extra you could be earning. With direct links to the best providers, you can set the switching ball rolling today.
Join our savings experts at the Which? Savings Surgery
Which? is holding an online Savings Surgery on Thursday 28 October from 12-2pm, where our money experts will be on hand to answer consumers’ savings questions and queries. To get involved, register now and join us at 12pm on Thursday at www.which.co.uk/savingssurgery.
Spread the word, help your friends and force banks to change
The best way to get banks to treat their customers better is for as many of us as possible to switch our savings to a better account. Tell your friends how to get a better deal on their savings by joining our Facebook page The Great British Savings Scandal.
We also want to hear your views on the paltry savings rates currently being paid to millions of us. Have your say with Which? Conversation.
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