Biggest banks taking ‘loyalty for granted’

BRITAIN’S biggest banks are taking loyalty for granted by offering customers the lowest returns on savings, says a Which? survey.

- Jan Disley

Building societies and digital banks are now the best bet for savers with household names such as Barclays, HSBC, Lloyds, Metro Bank and Santander all behind on interest rates.

The worst performing account now offers less than 1%. In contrast, app-based provider Plum is offering the best rate on the market 4.45% for an Instant Access Cash ISA.

The study comes after the Bank of England gradually cut the base rate from 4.75% to 4% this year.

Standards

Which? analysed 12 weeks of interest rate data to find those offering the most competitive savings deals.