The biggest banks still have some of the highest savings rates on the market. Virgin Money pays 0.25% on its Everyday Saver account, making it the least profitable bank. A saver with £10,000 in the account will only earn £25 a year.
If they transfer their money to the account with the highest rate – HSBC, which pays 3% on balances of up to £10,000, they’ll earn £300 a year – a difference of £275.
Other top-tier brands also offer lower priced accounts. Santander offers an Easy Access account at 0.4 percent, while Lloyds, NatWest, and Barclays offer accounts at 0.5 percent.
“Customers are not treated fairly, but that’s not surprising, especially when providers pay as little as possible,” stated Anna Bowes (Savings Champion analyst).
She also said that not all savings providers behave the exact same. Some are better than others. If you haven’t checked your savings in a while now, it is time to do so. Loyalty doesn’t pay in most cases.
Virgin Money spokesperson stated that it raised interest rates on its most well-known savings accounts. Barclays also said that it has launched new accounts that pay up 5%, which is higher than the bank’s rate. Santander, Lloyds, and NatWest were contacted for comments.
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