Savings: Why it’s so important to shop around for the best savings interest rates

New research has emphasised the importance of shopping around for the best savings interest rates. The data provider, Defaqto, has found that a saver who put £1,000 into the best instant access deposit account three years ago and then transferred the balance to the most competitive account on each anniversary would have earned total interest of £71.73, assuming the interest was left in the account and basic rate tax at 20% is deducted at source. In comparison leaving the savings in the lowest paying account would have earned interest of just 24 pence, nearly 300 times less....