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

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...