Savers are being warned loyalty to providers ‘does not pay’ after the Bank of England cuts base rate.
Savers are being warned that loyalty to their account provider does not pay, following Thursday’s base rate cut. According to financial information website Moneyfactscompare.co.uk, the average easy access savings rate on the market at the start of February was 2.92 per cent, down from 3.17 per cent a year earlier.
Andrew Hagger, founder of Moneycomms.co.uk, said: “Savers will see easy access savings rates edging lower, so should check out the best buys and switch to a better rate if their bank is offering a sub-standard deal. “We could see the number of deals over 5% pull back, despite the fact that we’re heading firmly into the traditional Isa season.”
Latest Personal Finance News Starling said customers were notified in November 2024 and can still benefit from the account’s other features.
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