Savers could use current accounts and double their returns

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Savers who do not have an old account paying a competitive interest rate could consider using a current account for savings.

People who want to build a nest egg could be better off leaving money in their bank current account as many pay higher rates than their savings counterparts, the Mail on Sunday reports. Current accounts pay an average of 1.19% credit interest, according to Moneyfacts - more than double the average instant-access account. This is because banks are keen to attract customers to their current accounts so they can sell more lucrative products such as credit cards, insurance or investments. This is harder to do on savings accounts. Nationwide's FlexDirect current account pays 5% on balan...

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