High street banks are continuing to offer meagre savings rates compared with rival challenger banks and building societies, Which? research has found. The research comes a few months after the Financial Conduct Authority put banks on notice and members of the Treasury Select Committee delivered a scathing verdict on savings rates offered by the biggest […]
Meagre savings rates offered by high street banks are shortchanging customers by hundreds of pounds every year compared to deals from challenger banks, Which? analysis of rates stretching back three years has found. The consumer champion’s in-depth research looked at six types of accounts: instant access savings accounts and Isas; one-year fixed-rate savings accounts and […]
Danielle Richardson, Which? Money Expert, said: “This rise in the base rate will impact both homeowners and savers. Borrowers on fixed mortgages won’t see any change to their repayments, but anyone on a tracker or variable rate could see their payments increase. “To protect yourself from paying more if the base rate rises again in […]
Three in 10 people with savings accounts do not have enough savings to cover three months’ essential spending in case of an emergency, according to Which?’s annual survey revealing the best savings account providers. The coronavirus crisis has seen saving rates plummet to record lows, while pressures on the cost of living are making it […]