A mere 5 per cent of easy access savings accounts are offering returns above the official rate of interest.
A new study found that just 26 from 490 instant access accounts were providing savers with a rate above 0.5 per cent for a guaranteed period.
Savers are being counseled to consider moving accounts instead of remaining with low interest rate deals.
David Black, banking specialist at Defaqto, said: “Rates are so low at the moment that it makes sense to take advantage of guarantees and bonuses, but savers should jump elsewhere once the rate drops.”
Date:24 November 2009
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