Lloyds, NatWest, Barclays, Santander customers warned to 'move' their savings

James Rodger

3 July 2024 at 8:49 am·2-min read

Barclays, Lloyds, HSBC, Santander and NatWest customers have been warned they are leaving £233 on the table by not switching their bank accounts. Barclays, Lloyds, NatWest, HSBC, and Santander, have been told by switching to an account with a higher interest rate, savers could pocket an additional £233 annually on average, based on £10,000 in savings.

Monument Bank, Oxbury, Chase, Raisin UK, and Close Brothers, are currently offering accounts with interest rates over 5 per cent. Lucinda O'Brien, the savings account connoisseur at money.co.uk, advises: "If you do one thing today - check what interest you are earning on your savings.

"Interest rates have increased dramatically in recent years, but there are still many people that haven't switched savings accounts." Lucinda said: "We conducted a survey to find out people's savings habits in the UK, and it revealed 69 percent of consumers haven't switched savings accounts in the past two years.

"Of those people who haven't switched, 51 percent said the reason for not doing so was they were satisfied with their account and 27% said they preferred to keep all their accounts with the same bank." She went on: "However, this decision means that many people are likely earning a lot less interest than what is currently available in the market."

She added: "When comparing savings accounts it's important to look at all the terms and conditions before taking the plunge, as each account does come with different features. The interest rate should just be the starting point for your decision.

"Plus, the example above is only looking at the average interest rate, and the top interest rates in the market are actually a lot higher. For example, Oxbury has an easy access account at 5.02 percent and Mizrahi Tefahot Bank Ltd via Raisin has a one-year fixed-rate account at 5.25 percent. This matches the base rate and it can be opened with £1,000."

"So, if you check the interest rate on your bank accounts and discover that it's more like June 2022 than June 2024 - then it's worth doing some research to find a better deal."

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