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.