Missing Out on Free Money? Savers Urged to Act Now
Millions of households across the UK are forfeiting free money by sticking to their existing savings accounts with subpar interest rates. With interest rates on the rise, experts argue that now is the perfect time to act and secure a better rate.
Savers could earn an additional £233 annually on average
Despite the availability of attractive deals, many individuals remain loyal to their existing savings accounts, unaware that they could be earning more. Financial specialists are targeting customers of major banks such as Barclays, Lloyds, NatWest, HSBC, and Santander, encouraging them to seek out superior offers.
Higher Interest Rates Available
Several institutions, including Monument Bank, Oxbury, Chase, Raisin UK, and Close Brothers, are currently offering accounts with interest rates surpassing five percent, be they fixed-rate or easy access. For example, Oxbury has an easy access account at 5.02 percent, and Mizrahi Tefahot Bank Ltd via Raisin has a one-year fixed-rate account at 5.25 percent, which matches the base rate and can be opened with £1,000.
“If you do one thing today - check what interest you are earning on your savings.” - Lucinda O’Brien, savings account connoisseur at money.co.uk
Don’t Settle for Less
It’s essential to look beyond the interest rate when comparing savings accounts. Each account comes with different features, and the interest rate should only be the starting point for your decision. By switching to an account with a higher interest rate, savers could pocket an additional £233 annually on average, based on £10,000 in savings.
Don’t miss out on free money
Take Action Today
Experts urge savers to scrutinise the interest rates on their savings accounts and hunt for more lucrative options. With interest rates on the rise, now is the perfect time to act and secure a better rate. Don’t settle for less; take control of your savings today.
