Less than half of well-known banks beat BoE interest rate for savers

15 failed to pay more than BoE

clock • 1 min read

Research from money comparison website Moneyfacts.co.uk has revealed well-known banks are failing to pay consumers a fair return on their non-invested savings.

The research found seven out of 15 well-known banking groups failed to pay more than the Bank of England base rate of 0.1%. Among them are HSBC, Lloyds, Natwest, Santander, TSB, Barclays, and The Co-operative Bank group, who pay 0.02%, 0.02%, 0.03%, 0.04%, 0.05%, 0.06% and 0.06% respectively. HSBC and Lloyds both pay -0.15% less than the market average. Six of the 15 brands offered better rates than the market average easy access interest rate of 0.17%. According to Moneyfacts.co.uk, the findings indicate savers should switch banks and consider building societies and mutuals. Br...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Why human connection remains central in a digitally enabled advice sector

Why human connection remains central in a digitally enabled advice sector

'It is clear that the sector is moving through a significant period of transformation'

Tim Riseborough
clock 17 December 2025 • 3 min read
Why advisers shouldn't rush into private markets

Why advisers shouldn't rush into private markets

'There's only so long the hamster wheel can keep turning'

Justin Cash
clock 15 December 2025 • 4 min read
Adviser workload set to rocket ahead of IHT on pensions changes

Adviser workload set to rocket ahead of IHT on pensions changes

Large volumes of clients will need reviews of financial plans

Isabel Baxter
clock 15 December 2025 • 3 min read