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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
Other Star Ratings categories
17% of adults admit they don’t check the rate of interest on their savings, which could mean losing out on bonus cash.
Millions of savers could be losing out on over £1,000 a year by continuing to store funds in low-interest accounts, according to analysis conducted by Yorkshire Building Society (YBS) and CACI earlier this month.
This includes over a third of people who stated that they keep their savings in current accounts.
As a result, approximately £366 billion is currently sitting across UK savings and current accounts that earn under 1%. This comes as average savings rates observed month-on-month increases from May, with a typical easy access savings account offering returns over 3.00%.
While the amount held in low-interest accounts has fallen from £380 billion at the start of this year, many savers are still missing out.
“It’s surprising that there continues to be such large pockets of people who are significantly missing out on savings interest,” commented Chris Irwin, Director of Savings at Yorkshire Building Society.
“It’s encouraging to see that for a small number of people they have made moves to improve the situation, however, there is still an incredible amount of money not earning returns like they could be,” he added.
Our savings charts are regularly updated to show the best rates on the market.
You can also view our weekly savings roundups for more information on accounts offering top rates.
Moving your money from a current to a savings account with higher interest can be a good way to grow your pot over time.
“It’s quick and easy to switch accounts to chase a better return of interest, but some may feel it’s not worth doing if their priorities are focused on using their savings to cover the cost of living,” explained Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.
However, savings rates have “changed considerably over the past 12 months”, according to Springall, with certain sectors seeing average returns rise for the first time since last year.
Furthermore, inflation has since lowered to the Bank of England’s target of 2% (its lowest point for almost three years), giving people the opportunity to see their savings grow in real terms.
Despite almost three quarters (72%) of people saying they’d checked the interest rates on their savings in the past six months, over half (55%) haven’t switched accounts in the past year.
Nearly 13 million current accounts in the UK are still holding balances above £5,001, with the average balance being £23,700.
Sitting in an account earning a weighted average of 0.05% (according to YBS and CACI), the amount of interest this sum could earn in a year would be around just £11.
Meanwhile, applying the leading easy access rate (currently 5.20% AER at time of writing) would instead earn you over £1,200.
“Consumers will have different reasons for why they save and how, but it is essential they check that their account is paying a decent return of interest on their hard-earned cash,” said Springall.
Make sure to visit our charts to compare top rates and check you’re getting the best returns.
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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Fixed savings and ISA rates continued to fall in the month to October, dropping to their lowest levels since June 2023. What does the future hold for savings rates?
Fixed savings and ISA rates continued to fall in the month to October, dropping to their lowest levels since June 2023.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best savings rates available in the UK. Compare and apply today.
Over 1,700 accounts can better inflation – but savers may need to act fast if base rate cuts are on the cards.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a new easy access savings account and a balance transfer credit card from Barclaycard with a recently increased 0% term.
Fixed savings and ISA rates continued to fall in the month to October, dropping to their lowest levels since June 2023. What does the future hold for savings rates?
Fixed savings and ISA rates continued to fall in the month to October, dropping to their lowest levels since June 2023.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best savings rates available in the UK. Compare and apply today.
Over 1,700 accounts can better inflation – but savers may need to act fast if base rate cuts are on the cards.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a new easy access savings account and a balance transfer credit card from Barclaycard with a recently increased 0% term.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.