With that Bank rate currently at 5.25%, the returns being offered by savings providers have been higher than anything seen for a decade or so.
Banks and building societies were heavily criticised for the speed at which those rates went up, and what was on offer for more loyal customers.
Last year, MPs on the Treasury Committee said big banks were doing “as little as they can get away with” when setting those rates.
Moneyfacts said customers would be “short-changed” if they did not review and switch accounts away from products that were closed to new savers.
“Savers must shake any apathy they have to move their pots, otherwise they will be left disappointed when their loyalty is not rewarded,” said Rachel Springall, from Moneyfacts.
A recent study by academics at Bristol University suggested that saving money regularly could help people sleep better.
Credit: Source link
