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Savers “short-changed” on closed easy access accounts: Is it time you switched?
Image of Ella Mower

Ella Mower

Senior Content Writer
Published: 15/07/2024

The Financial Conduct Authority is set to extend Consumer Duty rules to closed products and services from the end of this month, but savers shouldn’t be complacent.

 

Savers may be missing out on greater returns as they let their hard-earned cash idle in poor-paying closed accounts, latest analysis from Moneyfactscompare.co.uk revealed.

Our team of experts reported a 0.31 percentage point difference between the average rate offered by a live easy access account (3.13%) and a closed easy access account (2.82%) at the start of July. This could be costing those with a balance of £10,000 an additional £31 in interest over 12 months.

 

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