Savings accounts not profitable for Brits
(01 March 2006)

Brits aren't getting the best deal on their savings accounts, according to research from Sainsbury's Bank.

Its data showed that two-thirds of us hold bank or building society accounts which pay less than two per cent interest, and one in three see yields of under one per cent.

Just as disturbingly, one in ten account holders profit from rates which do not exceed 0.5 per cent – and the average holder of a savings account in the UK will be fortunate to see a rate of above four per cent, despite the number of high-profile offers advertising far bigger yields.

Sainsbury's Bank director of savings Peter Wood said: "It would appear that some banks may be offering unacceptably low rates of interest on some of their accounts to enable them to offer more competitive returns on others to attract new customers.

"Savers need to keep a close eye on their rates and be prepared to switch accounts if they feel that they are not receiving consistently attractive returns."

If you're looking for time to shop around for a better account rate and need a financial pep in the process, a payday loan of between £80 and £1,000 might do the trick – with this short term cash being repayable upon your payday with no hidden caveats and no charges further to those explicitly


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