The Financial Conduct Authority (FCA) have recently published the many savings accounts on the market that aren’t actually offering at savings interest at all. Effectively eroding away the buying power of your savings should inflation be above 0%.
As of 1st April 2016, some of the worst offenders include:
- The Post Office – paying 0% of some of their accounts with a savings level below £500.00 and HSBC are offering an interest rate of 0.05%
- Danske Bank, Ultser Bank and the Yorkshire Bank have accounts paying 0.01%
- Cambridge Building Society, Clydesdale Bank, One Savings Bank, Principality Building Society, Santander and Yorkshire Bank are all offering rates of 0.10%
- Bank of Scotland, Cumberland Building Society, Lloyds and TSB all offering accounts with a savings rate of 0.20%
- Barclays, The Co-operative Bank, Halifax, Nottingham Building Society and West Bromwich Building Society all have accounts offering rates of 0.25%
Some of the better rates were found to be offered on easy access account are with RCI Bank at 1.45% and the Virgin Money Easy Access Cash ISA at 1.26%.
There are other ways however of being able to achieve a better return on your savings. Why not talk to us to find out how?
With the uncertainty of the Brexit, it cannot be predicted as to what may happen in terms of interest rate movements. Any changes that do take place can have an effect of savings rates as well as mortgages. With this is mind there’s never been a more appropriate time to consider getting financial advice and planning for the future, whether it be savings, investments, pensions, mortgages, Wills and Estate Planning etc. My Finance Friend are here to help and assist you with achieving your goals and aspirations no matter what the financial markets are doing.