Savings: Savers are missing out, 6 top tips to get a better interest rate

Savers are missing out, 6 top tips to get a better interest rate 150pxA new report by the Financial Conduct Authority (FCA), has warned that millions of savers are missing out on the best interest rates, because they are not moving their cash to the best paying accounts. The report found that savers who opened an account five years ago and have stuck with it since are getting interest of just 0.3% per year, well below the rate of inflation. Even accounts opened in the past year with the larger banks ...

Savings: 6 tricks from savvy savers to avoid ‘zombie’ savings accounts

Savings: 6 tricks from savvy savers to avoid ‘zombie’ savings accountsNew research has found a frightening number of savings accounts are paying less than 0.5% interest each year. The consumer group, Which?, has found 1,562 of the 1,952 available savings accounts are ‘zombie accounts’, meaning they are closed to new business. The research found the interest rate on many ‘zombie accounts’ is scandalously low: 40% of ‘zombie accounts’ pay less than 0.5% interest each year, well below the current rate of ...