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

Advisers on Iran war: 'My advice goes well beyond just saying don't panic'

Advisers on Iran war: 'My advice goes well beyond just saying don't panic'

‘Clients are naturally concerned’

clock 11 March 2026 • 5 min read
The capacity trap: Why advice firms can't hire their way out of the admin crisis

The capacity trap: Why advice firms can't hire their way out of the admin crisis

'You cannot outrun a broken process by adding more people to it'

Stuart Breyer
clock 10 March 2026 • 3 min read
The enduring value of advice in an era of DIY investing

The enduring value of advice in an era of DIY investing

'The debate is about execution and consistency'

Chris Ball
clock 10 March 2026 • 4 min read