{"id":254696,"date":"2025-11-10T10:35:25","date_gmt":"2025-11-10T10:35:25","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/254696\/"},"modified":"2025-11-10T10:35:25","modified_gmt":"2025-11-10T10:35:25","slug":"savers-are-missing-out-on-more-than-700-each-year-by-not-switching-accounts","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/254696\/","title":{"rendered":"Savers are missing out on more than \u00a3700 each year by not switching accounts"},"content":{"rendered":"

Big banks are paying investors \u201cpaltry returns on their savings\u201d.<\/p>\n

Savers are missing out on substantial returns by sticking with high street banks instead of shopping around, according to recent analysis from Moneyfactscompare.<\/p>\n

The average easy-access account at a high street bank offers a rate of 1.39% on a pot of \u00a325,000. This results in a 12-month return of just \u00a3347.50, a loss of \u00a3602.5 when adjusted for 3.8% inflation.<\/p>\n

By contrast, the top easy-access savings accounts available from competitors pay investors a 4.5% rate on the same pot size, beating inflation and resulting in a \u00a31,125 return over one year, as seen in the chart below.<\/p>\n

\"\"<\/p>\n

Source: Moneyfactscompare<\/p>\n

Adam French, head of news at Moneyfacts, said: \u201cBig banks are taking far too many savers for granted by paying them paltry returns on their savings, but the best way to fight back is to ditch your apathy\u201d.<\/p>\n

Small changes in interest rates can \u201cmake a big difference over time\u201d, meaning that looking around for better rates can help savers achieve their goals much quicker, he explained.<\/p>\n

\u201cEspecially when a simple change can mean hundreds more in returns,\u201d he said.<\/p>\n

However, many savers have yet to take advantage of this. The Moneyfacts Savings Trend Index (a survey of 2,000 UK adults) found that 23% of respondents have never switched savings accounts.<\/p>\n

A further 23% admitted they switch accounts less than every few years, meaning that almost half of savers could be missing out on easy returns.<\/p>\n","protected":false},"excerpt":{"rendered":"Big banks are paying investors \u201cpaltry returns on their savings\u201d. Savers are missing out on substantial returns by…\n","protected":false},"author":2,"featured_media":1514,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,4176,4174,4175,56,54,55],"class_list":{"0":"post-254696","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-personal-finance","11":"tag-personalfinance","12":"tag-uk","13":"tag-united-kingdom","14":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/254696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=254696"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/254696\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/1514"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=254696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=254696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=254696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}