Easy access savings accounts fall below official interest rate

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.”