Sylvia Morris

Easy-access savings account rates cut

At its latest meeting at the start of November, the Bank of England Monetary Policy Committee left the base rate unchanged at 0.75%. But that has not stopped providers chipping away at the rates they pay savers.

Savers stung by stealth rate cuts

Banks and building societies are busy cutting the rates that they pay savers. The falls impact easy-access accounts offered to new savers, as well as those that were on sale in the past. Thousands of savers are currently earning a pittance on cash languishing in more than 1,400 easy-access accounts, which are closed to new savers.

How banks penalise their most loyal savings customers

Savings rates on easy access accounts have finally been creeping up, with the top rate now 1.5%. But often this rate is only available to new customers.

Banks and building societies used to pass rate rises on to all savers in variable rate accounts, but now most of them only offer a higher rate to new customers. Loyal savers continue to earn the lower rate, which in the worst cases can be as low as 0.25%.

Seven of the top 10 savings rates come with catches

Savers desperate for top rates on their easy-access savings have snapped up the 1.5% Marcus account on offer from the mighty Goldman Sachs. In the first 40 days after its launch in late September, it had clocked up no fewer than 100,000 customers.