Santander, Lloyds, Barclays customers urged to close their bank accounts

James Rodger
·2-min read
Santander, Lloyds, Barclays customers urged to close their bank accounts
-Credit: (Image: Reach Publishing Services Limited)


Savers at some of the biggest high street banks in the country have been urged to ditch their accounts and switch to other financial providers. Experts from Moneyfactscompare have compiled a list of the best savings accounts of the week.

Big names like Santander, Lloyds, Barclays and HSBC are absent from the list. A full list of the best regular savings accounts on offer for the week beginning November 11, 2024 includes Principality BS - Eight per cent AER / 7.85 per cent gross, The Co-operative Bank - Seven per cent AER / gross and Principality BS - Seven per cent AER / gross.

Nationwide BS - 6.50 per cent AER / gross, NatWest - 6.17 per cent AER / six per cent, Royal Bank of Scotland - 6.17 per cent AER / six per cent gross and Melton BS - Six per cent AER / gross are next, followed by West Brom BS - Six per cent AER / gross, Market Harborough BS - Six per cent AER / gross and TSB - Six per cent AER / gross.

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A full list of the best savings accounts with a one-year fixed rate for the week beginning November 11, 2024 includes Atom Bank - 4.80 per cent AER / gross, Ahli United Bank (UK) plc - 4.80 per cent AER / gross, SmartSave - 4.76 per cent AER / gross, ICICI Bank UK - 4.75 per cent AER / gross and Habib Bank Zurich plc - 4.75 per cent AER / gross.

Habib Bank Zurich plc - 4.75 per cent AER / gross, Kent Reliance - 4.71 per cent AER / gross, Gatehouse Bank - 4.70 per cent AER/gross, Al Rayan Bank - 4.70 per cent AER/gross and BACB - 4.70 per cent AER/gross completes the list. Rachel Springall, a finance expert at Moneyfactscompare.co.uk, explained: "The rate moves by providers within the savings market were mixed week-on-week, but there was a notable hit to short-term fixed bonds. Those looking for a guaranteed return on their investment will find a variety of top rate deals slashed, making it essential for savers to move quickly to grab a lucrative deal.

"Challenger banks continue to offer some of the best returns on the savings market, so these brands should not be overlooked in favour of the more familiar household names. As the Bank of England base rate fell further this will be disappointing news to hard-pressed savers. Consumers must be vigilant and monitor their savings pots closely and be sure to switch if their loyalty is not being rewarded.

"Outside of the Bank of England base rate, the swap rate market remains volatile, so providers will be conscious on how this may impact their future rate pricing in the weeks to come."

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