Best of the Week
Most Popular
1. Next Financial Crisis Is Already Here! John Lewis 99% Profits CRASH - Retail Sector Collapse - Nadeem_Walayat
2.Why Is Apple Giving This Tiny Stock A $900 Million Opportunity? - James Burgess
3.Gold Price Trend Analysis - - Nadeem_Walayatt
4.The Beginning of the End of the Dollar - Richard_Mills
5.Stock Market Trend Forecast Update - - Nadeem_Walayat
6.Hindenburg Omen & Consumer Confidence: More Signs of Stock Market Trouble in 2019 - Troy_Bombardia
7.Precious Metals Sector: It’s 2013 All Over Again - P_Radomski_CFA
8.Central Banks Have Gone Rogue, Putting Us All at Risk - Ellen_Brown
9.Gold Stocks Forced Capitulation - Zeal_LLC
10.The Post Bubble Market Contraction Thesis Receives Validation - Plunger
Last 7 days
Stock Market Detailed Map Of Expected Price Movement Before The Breakout - 18th Oct 18
Determining the Outlook for Gold Mining Stock - 18th Oct 18
Investor Alert: Is the Trump Agenda in Peril? - 18th Oct 18
Stock Market is Making a Sharp Rally After a Sharp Drop. What’s Next? - 18th Oct 18
Global Warming (Assuming You Believe In It) Does Not Affect Gold - 18th Oct 18
Best Waterproof Compact Camera Olympus Tough TG-5 Review - Unboxing - 18th Oct 18
Silver's Time Is Coming - 17th Oct 18
Stock Market Volatility Breeds Contempt - 17th Oct 18
Gold 7-Year Bear Market Phase Is Over - 17th Oct 18
Gold - A Golden Escape - 17th Oct 18
Tec Stocks Sector Set For A Rebound? - 16th Oct 18
Real Estate Transactions are Becoming Seamless with Blockchain-Powered Data Sets - 16th Oct 18
Important Elements of a Viral Landing Page - 16th Oct 18
Stephen Leeb Predicts 3-Digit Silver and 5 Digit Gold?! - 16th Oct 18
BREXIT, Italy’s Deficit, The EU Summit And Fomcs Minutes In Focus - 16th Oct 18
Is this the Start of a Bear Market for Stocks? - 16th Oct 18
Chinese Economic Prospects Amid US Trade Wars - 16th Oct 18
2019’s Hottest Commodity Is About To Explode - 15th Oct 18
Keep A Proper Perspective About Stock Market Recent Move - 15th Oct 18
Is the Stocks Bull Dead? - 15th Oct 18
Stock Market Bottoms are a Process - 15th Oct 18
Fed is Doing More Than Just Raising Rates - 14th Oct 18
Stock Markets Last Cheap Sector - Gold - 14th Oct 18
Next Points for Crude Oil Bears - 13th Oct 18
Stock Market Crash: Time to Buy Stocks? - 12th Oct 18
Sheffield Best Secondary School Clusters for 2018-19 Place Applications - 12th Oct 18
Trump’s Tariffs Echo US Trade Policy That Led to the Great Depression - 12th Oct 18
US Dollar Engulfing Bearish Pattern Warns Of Dollar Weakness - 12th Oct 18
Stock Market Storm Crash, Dow Plunges to Trend Forecast! - 12th Oct 18

Market Oracle FREE Newsletter

Trading Any Market

Best Instant Access Interest Rate UK Savings Accounts

Personal_Finance / Savings Accounts Aug 07, 2018 - 12:59 PM GMT

By: MoneyFacts

Personal_Finance

Savers, is your bank still failing to match base rate?

It seems all a little too familiar for savers this month as many providers have yet to announce whether they will pass on the Bank of England’s rate rise. The latest research from Moneyfacts.co.uk shows that even if the biggest brands were to pass on the full 0.25% rise, their easy access accounts will still fail to match or beat 0.75%. Today, challengers, supermarket brands and mutuals dominate the easy access Best Buys as an alternative.


Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“As many providers continue to keep their cards close to their chests, savers may assume that they will benefit from last week’s Bank of England base rate rise within the next few weeks by default, but as we have seen before, this is not guaranteed.

“In November 2017, it took around a month before most savings providers passed on the rise, and at the same time, some brands were selective with which accounts to improve. As an example, savers who held a first direct bonus saver with a low balance received a rise of just 0.10%. Halifax raised some accounts by 0.15% and HSBC only added 0.20% to its online bonus saver, and still offers an account paying just 0.05%. All three brands were quick to pass on a 0.25% rise to their mortgage customers however, with their SVRs (standard variable rates) changing at the start of December 2017.

“These minuscule savings rate rises are making very little difference to those who have a variable rate account with the biggest bank brands*, which is why savers should use this as an opportunity to switch. A rate rise of 0.25% equates to just £25 extra a year in interest on £10,000, but savers will find that challenger banks have improved their deals regardless of base rate activity and pay much better rates than the high-street banks. Building societies are also playing their part by competing in this arena.

“At the start of 2018, the top 10 easy access rates returned 1.24%, but today the top 10 return 1.32% on average. In contrast, the market average sits at just 0.53%. With this in mind, savers will clearly earn much more interest by switching to one of the Best Buys than leaving their cash languishing in a poor easy access account, as their convenience or loyalty costs."

*Banks selected for comparison are considered the biggest on the high street. This comparison looked at Barclays Bank, Bank of Scotland, HSBC, Halifax, Lloyds Bank, NatWest, Royal Bank of Scotland, Santander and TSB.

moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, there is no commercial influence on the way moneyfacts.co.uk ranks products, showing consumers a true picture of the best products based on the criteria they select. The site also provides informative guides and covers the latest consumer finance news, as well as offering a weekly newsletter.

MoneyFacts Archive

© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules