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Savers “short-changed” on closed easy access accounts: Is it time you switched?
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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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How to earn 6.65% on your cash savings: Virgin Money’s new bonus offer explained
New and existing Virgin Money Stocks and Shares ISA customers can benefit from an exclusive bonus rate on their cash savings.
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General Election 2024: What do the main parties have in store for your personal finances?
With the UK General Election taking place later this week (Thursday 4 July), we examine how some of the main parties’ policies could affect your personal finances if they were to form the next Government.
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General Election 2024: How have the mortgage and savings markets changed since 2010?
As the Conservative Party seeks to extend its 14-year period in Government in the General Election on 4 July 2024, we reflect on how both the mortgage and savings markets have changed since 2010.
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Introducing the Moneyfactscompare.co.uk Awards!
As of 2025, the Moneyfacts Consumer Awards will be renamed the Moneyfactscompare.co.uk Awards.
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Recent News

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Bank of England base rate remains at 5.25% - a blow to borrowers?

9th May 2024

The latest latest decision comes as average mortgage rates continue to rise steadily.

This latest latest decision comes as average mortgage rates continue to rise steadily.

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UK inflation slows less than anticipated to 3.2% in March

17th April 2024

Easing food prices counteract upwards contributions from fuel costs.

Easing food prices counteract upwards contributions from fuel costs.

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Spring Budget 2024: A British ISA, new bonds from NS&I and further cuts to National Insurance

7th March 2024

The Chancellor of the Exchequer, Jeremy Hunt, delivered his Spring Budget to the House of Commons yesterday. It’s anticipated to be one of the Government’s last fiscal events before a General Election takes place in less than a year’s time. Find out what some of the measures announced mean for your finances.

Find out what some of the measures announced in the 2024 Spring Budget mean for your finances.

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Your Personal Savings Allowance explained: Why is it still important in 2024?

20th February 2024

With over 1.4 million people predicted to become higher-rate taxpayers by the end of the financial year, it’s crucial to understand your Personal Savings Allowance.

With over 1.4 million people predicted to become higher-rate taxpayers by the end of the tax year, it’s crucial to understand your Personal Savings Allowance.

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Most Popular Other Money News

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Students: get prepared with the right bank account

25th July 2017

As results days are almost upon us, graduations abound and we edge towards a new academic year, prospective students and graduates might be starting to think about the most cost-effective student bank account for their needs.

As results days are almost upon us, graduations abound and we edge towards a new academic year, prospective students and graduates might be starting to think...

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Al Rayan Bank launches new digital banking app

24th February 2020

Despite recent reports that Al Rayan Bank is permanently shutting down its online banking, the challenger bank has confirmed that it is in fact launching a new platform and an online banking service will remain available to its existing customers

Al Rayan Bank has confirmed that an online banking service will remain available to existing customers

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Fraudsters using Shawbrook Bank to scam consumers

7th November 2019

Consumers are being warned to be aware the Shawbrook Bank has been cloned by fraudsters and to be careful when depositing money with the bank

Consumers are being warned to be aware the Shawbrook Bank has been cloned by fraudsters and to be careful when depositing money with the bank

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Contactless limit is set to rise to £45 to help fight Covid-19

24th March 2020

From 1 April 2020, consumers will be able to use contactless payments on amounts of up to £45, as concerns about hygiene when shopping continues

From 1 April 2020, consumers will be able to use contactless payments on amounts of up to £45

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Long haul report details most expensive holiday destinations

16th September 2019

The latest annual Post Office Travel Money Long Haul Holiday Report, in partnership with long haul specialist, Travelbag, has revealed the sometimes shocking local prices charged for 10 common expenses for travellers.

The latest annual Post Office Travel Money Long Haul Holiday Report reveals the sometimes shocking local prices charged for 10 common expenses

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Over half of students reveal money worries impacts their mental health

6th August 2019

A survey of students revealed that four-fifths (79%) worry about money, with 57% saying this worry impacted their mental health

A survey of students revealed that four-fifths (79%) worry about money, with 57% saying this worry impacted their mental health

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Tips for becoming debt-free in 2020

16th January 2020

Following the news yesterday that low-income households are facing the fastest rise in consumer debt since the financial crisis, we have taken a look at how consumers can become debt-free in 2020

Following the news yesterday that low-income households are facing the fastest rise in consumer debt...

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How the Covid-19 outbreak could impact your finances?

17th March 2020

While the main concern during the Covid-19 outbreak is saving as many lives as possible, many consumers are also concerned about the possible impact the virus could have on their personal finances

Many consumers are also concerned about the possible impact the virus could have on their personal finances

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2017 ILP Moneyfacts award winners announced

22nd September 2017

The winners of the 2017 Investment Life & Pensions Moneyfacts Awards were announced last night at a ceremony held at the Lancaster Hotel in London, which saw hundreds of industry professionals gathered to hear who would be crowned stars of the show.

The winners of the 2017 Investment Life & Pensions Moneyfacts Awards were announced last night at a ceremony held at the Lancaster Hotel in London, which saw...

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Ethical funds perform strongly once again

21st August 2017

The latest survey from Moneyfacts suggests that, given the continued strong performance of many ethical funds, they should be more popular than they are – is it time to add these funds to your portfolio?

The latest survey from Moneyfacts suggests that, given the continued strong performance of many ethical funds, they should be more popular than they are – is...

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We’ve launched our first ever TV commercial

13th March 2023

For the first time in its 35-year history, Moneyfacts has launched a national TV commercial. 

For the first time in its 35-year history, Moneyfacts has launched a national TV commercial. 

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New £20 banknote includes state-of-the-art security features

10th October 2019

The Bank of England has unveiled the new design of the £20 note today, which features the artist JMW Turner and will be released into circulation from 20 February 2020

The Bank of England has unveiled the new design of the £20 note today

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New price cap for prepay energy customers

7th February 2017

Ofgem, the UK’s energy regulator, has set a temporary price cap for prepay energy customers, designed “to protect over four million households least able to benefit from competition” and save those customers around £80 per year.

Ofgem, the UK’s energy regulator, has set a temporary price cap for prepay energy customers, designed “to protect over four million households least able to...

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We’ve changed our name to Moneyfactscompare.co.uk

8th March 2023

It’s the same site you know and love, just with a different logo.

It’s the same site you know and love, just with a different logo.

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Al Rayan Bank extends registration deadline for new app

26th February 2020

Al Rayan Bank has announced today that due to feedback its customers now have longer to sign up to its new banking app to ensure an uninterrupted service

Al Rayan Bank has announced today that due to feedback its customers now have longer to sign up to its new banking app to ensure an uninterrupted service

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Co-op Bank up for sale

13th February 2017

The Co-op Bank has been put up for sale, but what does it mean for those who bank with it? If you’re a customer, you’re undoubtedly wondering how a future sale will impact you, so we take a closer look at the background, as well as what happens next.

The Co-op Bank has been put up for sale, but what does it mean for those who bank with it? If you’re a customer, you’re undoubtedly wondering how a future...

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Half of UK adults shun financial advice

6th November 2019

The new ‘What’s your Number’ report from international financial services group Sanlam Ltd, has revealed that nearly half (48%) of all British adults have never taken financial advice.

The new ‘What’s your Number’ report from international financial services group Sanlam Ltd, has revealed that...

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New £20 note enters circulation today

20th February 2020

Consumers taking money out of ATMs or receiving change at tills may be the first to get their hands on the new £20 note, which entered circulation today

Consumers taking money out of ATMs or receiving change at tills may be the first to get their hands on the new £20 note, which entered circulation today

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3.9 million dads financially unprotected

15th June 2017

With Father’s Day just around the corner, few think of the financial implications should anything happen to their special man. Unfortunately, some 3.9 million dads having no financial protection in place, putting their family’s finances at risk.

With Father’s Day just around the corner, few think of the financial implications should anything happen to their special man. Unfortunately, some 3.9...

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Moneyfactscompare.co.uk has had a makeover!

20th May 2019

Moneyfacts has been at the heart of the financial world for over 30 years, and today, we’re pleased to announce the launch of our brand new website.

Moneyfacts has been at the heart of the financial world for over 30 years, and today, we’re pleased to announce the launch of our brand new website.

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Barclays halts branch closures as it withdraws cashback service at Post Office

8th October 2019

From January 2020, Barclays customers will no longer be able to withdraw money at Post Office branches

From January 2020, Barclays customers will no longer be able to withdraw money at Post Office branches

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Post Office to deliver cash to the doors of vulnerable customers

22nd April 2020

Post Office Money will deliver cash to the doors of vulnerable customers who are unable to leave their homes due to the Coronavirus pandemic

Post Office Money will deliver cash to the doors of vulnerable customers who are unable to leave their homes due to the Coronavirus pandemic

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Claims costs fall on Friday 13th

13th October 2017

Friday 13th may be unlucky for some, but interestingly, this means people actually take more care on this one key day than at other times, with average claims costs falling dramatically on this supposedly unlucky date.

Friday 13th may be unlucky for some, but interestingly, this means people actually take more care on this one key day than at other times, with average...

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