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How You Could Make £2,850 Per Month

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.

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