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.”
This material is for informational purposes only and should not be relied upon as professional advice.
