Savers paying the price for loyalty: High Street banks paying lowest rates on easy-access account
Savers are missing out by sticking to High Street banks for their easy-access savings.
They have £927 billion in these accounts in total — with about two-thirds with the biggest names.
But their loyalty is costing them dear, as all pay far less than the average 0.17 per cent rate on accounts currently on sale.
Rock-bottom rates: Savers have £927bn in easy access accounts with around two-thirds in with the big high street names
The big banks typically pay 0.01 per cent — or just 10p interest a year on each £1,000.
Among the worst are HSBC, along with Lloyds (including Halifax) and NatWest with a rate of just 0.01 per cent.
The top easy-access rate is 0.5 per cent from Charter Savings Bank and Atom.
Yorkshire Building Society and Virgin Money have an average of 0.3 per cent and 0.25 per cent respectively across all easy-access accounts.