Current account savers miss out on more than £1bn a year in interest

Savers are missing out on more than £1 billion a year in interest by leaving their cash languishing in current accounts.

In fact there are almost no current accounts left that pay interest. Tesco Bank, which offered 1 per cent at the start of the year, now doesn’t pay anything. 

And TSB’s Classic Plus account which paid 3 per cent on £1,500 at the start of the year will pay no interest from December 2.

Rate cuts: There are almost no current accounts left that pay interest. Tesco Bank, which offered 1 per cent at the start of the year, now doesn't pay anything

Rate cuts: There are almost no current accounts left that pay interest. Tesco Bank, which offered 1 per cent at the start of the year, now doesn't pay anything

Rate cuts: There are almost no current accounts left that pay interest. Tesco Bank, which offered 1 per cent at the start of the year, now doesn’t pay anything

Santander has also cut the rate on its 123 account to 0.6 per cent.

So where should savers with cash in dismal current accounts move their money? Virgin Money Regular E-Saver is a good place to start. This online account pays a fixed rate interest of 1 per cent for a year.

You can save between £1 and £250 a month and take money out of your account whenever you want without a charge.

Or you can try Atom Bank’s Instant Saver, which you run through its app, or the online Gatehouse Bank Easy Access account.

Both pay 0.75 per cent, the best easy-access rate around. Next is Kent Reliance at 0.7 per cent.

sy.morris@dailymail.co.uk

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#B11B16; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#e22953; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .dealFooter {display:block; float:left; width:100%; margin-top:5px; background-color:#e3e3e3 } #fiveDealsWidget .footerText {font-size:10px; margin:10px 10px 10px 10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none} #fiveDealsWidget .widgetTitleBox {background-color:#e3e3e3; } #fiveDealsWidget .widgetTitle {color:#000} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

Check Also

Big Give Christmas Challenge set to launch

Support: Ballerina Dame Darcey Bussell The Big Give Christmas Challenge is launching tomorrow with 765 …

Leave a Reply

Your email address will not be published. Required fields are marked *

RSS
Follow by Email
Pinterest