Shockingly low rates of return on cash despite soaring interest interest rates were highlighted by this newspaper, which has demanded financial institutions do better.
Savers are now being offered decent returns as they are forced to compete for customers. The Saffron Building Society has offered a regular saver rate of nine per cent, the highest headline rate available since 2011.
It is the first time since March 2021 that any bank or building society has offered a headline interest rate greater than inflation, currently 8.7 per cent.
Building Society Skipton launched a similar regular saver product at 7.5 per cent.
Rates are rising so fast comparison websites cannot keep pace. And analysts believe they will go higher yet.
HSBC announced yesterday it was boosting returns on its mysavings and premier savings youth accounts by 0.75 per cent to five per cent with other increases across their savings products.
Switching
Anna Bowes, co-founder of Savings Champion, said: "For years savers were getting almost zero return on cash and they became reluctant to switch accounts as there was no point.
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