Less than half of well-known banks beat BoE interest rate for savers

15 failed to pay more than BoE

clock • 1 min read

Research from money comparison website Moneyfacts.co.uk has revealed well-known banks are failing to pay consumers a fair return on their non-invested savings.

The research found seven out of 15 well-known banking groups failed to pay more than the Bank of England base rate of 0.1%. Among them are HSBC, Lloyds, Natwest, Santander, TSB, Barclays, and The Co-operative Bank group, who pay 0.02%, 0.02%, 0.03%, 0.04%, 0.05%, 0.06% and 0.06% respectively. HSBC and Lloyds both pay -0.15% less than the market average. Six of the 15 brands offered better rates than the market average easy access interest rate of 0.17%. According to Moneyfacts.co.uk, the findings indicate savers should switch banks and consider building societies and mutuals. Br...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Professional Adviser TV: Creative ways to tackle the advice gap

Professional Adviser TV: Creative ways to tackle the advice gap

With Octopus Money CEO Ruth Handcock and financial adviser Kristian Manton

Professional Adviser
clock 25 April 2025 • 1 min read
Economic secretary confirms wholesale ISA review as experts demand sweeping reform

Economic secretary confirms wholesale ISA review as experts demand sweeping reform

LISA reform front and centre

Beth Brearley
clock 24 April 2025 • 2 min read
 MorganAsh introduces customer support tracking to vulnerability platform

MorganAsh introduces customer support tracking to vulnerability platform

Recording suggested next steps

Jaskeet Briah
clock 24 April 2025 • 2 min read