Majority of cash savers 'better off' by switching, FCA data shows

The FCA's third and final set of its ‘sunlight remedy' data published on 1 December, showed 21 of 32 providers were offering interest rates of a mere 0.1% or less on both open and closed savings accounts.  However, the data, correct as of 1 October, also showed two of the providers were offering rates of 1% or more, with the median lowest interest rate being higher on open accounts than closed accounts in all of the accounts studied. While the data deliberately focuses on the lowest possible rate and as such does not represent the interest rate every consumer is earning, the FCA said ...