Saffron Building Society has announced it is to launch a lifetime rate guarantee on its online e-saver and Goal Saver savings accounts.
The pledge by the Essex-based building society means the accounts should always rank in the top ten accounts in their class.
John Eastgate, sales and marketing director of Saffron, commented, ‘No one can expect to offer a headline rate all the time, and from what our members have told us, they’d rather we offered a fair, consistent return.’
Martyn Saville, Which? Principal Researcher, commented: ‘The rate guarantee is good news for savers. Many of us don’t want to switch our savings account every year to chase the best rate, so it’s reassuring to know there are providers offering fair interest rates long-term.’
Which? compiles a Best Rate savings table for accounts that have consistently paid above-average interest rates for at least three years. Check out our Best for consistency page for details.
Join the Which? campaign for better savings
Which? is asking all banks and building societies to give their customers information about the interest rate they’re earning on their savings, as well as helping them to switch.
In response to our call, Saffron BS has confirmed that:
- It already gives members information with its statements on all product rates and how they have changed during the preceding year;
- Upcoming system upgrades should allow its online accounts to display the savings rates alongside the account;
- It lists savings account interest rates online and plans to include accounts that are closed to new business
Which? wants to see all savings account providers bringing in these changes to keep their customers well-informed and able to get the best out of their savings. We also want providers to show in pounds and pence on statements how much savers would earn each year in interest if they had £1,000, £5,000 or £10,000 in their account, a move that Saffron has not introduced.
Find a better savings account
To find out more about the Great British Savings Scandal, watch our video. It explains why you could be missing out on hundreds of pounds a year in interest, and reveals what you can do to make the most of your money.
In addition, the Which? Savings Booster is a unique and useful tool that will allow you to compare your current savings rate to those that you could get elsewhere in the market. All you need in order to use it is the name of your existing savings account, and how much money you have put by.
For detailed information about our campaign, and to contact us with your views, visit the Great British Savings Scandal pages on which.co.uk.
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