This is an opinion letter and does not necessarily represent the views of the Manchester Evening News.
19.09.2023 - 11:35 / dailyrecord.co.uk
People with money in a current account at any one of several high street banks are being urged to check their savings rate as they could potentially be missing out on higher returns due to low interest rates. Several banks are currently offering rates of over five per cent, so if your current savings rate is less than three per cent, it could be time to ditch and switch to get the most out of your money.
New research commissioned by the Building Societies Association (BSA) to coincide with UK Savings week, which runs until Sunday, suggests that around 34 per cent of people with savings have it in a current account with Santander, Lloyds, NatWest, Nationwide, Barclays or HSBC current account.
However, the study warns these people could be missing out on better returns and adds that one in seven (15%) have no savings at all, reports Birmingham Live.
Of those who do have savings, the average amount set aside is £21,840, but more than half (52%) of people with money saved said they have less than £12,000 tucked away.
The research also found that a third (34%) of UK savers never compare the rate on their savings accounts to others available across the market.
Robin Fieth, chief executive of the BSA, said: "As savings rates have been increasing over recent months, shopping around can now make a sizeable difference to the returns available."
MoneySavingExpert.com (MSE.com) has a handy guide to the best savings rates on offer which is updated daily - find out more here.
For the best interest rate, look at Paragon Bank, which Mr Lewis says pays the top easy-access rate of 5.05 per cent (minimum deposit of £1,000). However, you can only make two withdrawals throughout the year or the rate drops, so this account will only work if
This is an opinion letter and does not necessarily represent the views of the Manchester Evening News.
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