Big bank savings league SHAME: Compare your outrageous bills – then vote with your feet and get the best deals

  • Banks continue to offer just 0.01% on easy access rates
  • They also offer just 0.4% for two-year fixed depositors
  • You are familiar with our best buy savings tables – check out our tables of worst buys…

Since December, the Bank of England has raised the base rate five times from 0.1 percent to 1.25 percent.

This move went to our independent company, This is Money savings tableswith challengers leading the way when it comes to offering the best, easy-to-access, fixed-rate purchases that are growing fast.

However, it is clear that many of the big banks currently have no desire to fight for cash or play fair at the stakes.

For this reason, we decided to publish a weekly table of the worst offenders when it comes to easy access rates, annual and biennial fixes.

Pig pain: we decided to list all the rates offered by the big banks

WORST OFFENDERS: currently, Barclays still only offers 0.01 percent on easy access cash. That’s just 10p out of every £10,000 saved.

For comparison, we have the best course easy access to savings tables the Al Rayan deal currently stands at 1.45 percent, while a number of others pay 1.4 percent.

NatWest/RBS are the worst offenders for one- and two-year fixes, as they don’t even bother offering fixed-rate deals to depositors. Halifax and Lloyds Bank offer no 12-month fixed rates and just 0.8 per cent over two years.

For comparison, we have the best course fixed rate savings tables over one year is 2.72 percent deal for Cynergy Bank and it also has the best two-year fix of 3.08 percent.

BEST OF A BAD LOT: TSB gets an honorable mention here after raising rates on fixed rate deals on 7 July. Its one-year fixed now pays 2 percent, while the two-year pays 2.2 percent.

Santander is also mentioned, offering the best easy access rate at 0.75 per cent.

​​​​​​While they don’t beat the best buys in our independent This is Money savings tables, they’re still a lot better than all the other big high street banks.

There is currently a gap of 0.74 percentage points between the worst Easy Access account, Barclays, and the best, Santander

Below we also cover standard variable rate mortgages from each bank, many of which have increased in line with base rate almost instantly, unlike savings.

It’s worth noting that banks are likely to get a new higher SVR from 1 August and possibly slightly higher savings rates:

Big bank league of shame – easy access vs mortgage SVR
Provider Best speed for easy access Mortgage SVR Gap (percentage points)
WORST: Barclays 0.01% 5.49%** 5.48%
7. HSBC 0.1% 4.04% 3.94%
6. NatWest/RBS 0.1% 4.49% 4.39%
5. Nationwide 0.16%* 4.49% 4.33%
4. Lloyds 0.2% 4.49% 4.29%
3. BSE 0.25% 4.49% 4.24%
2. Halifax 0.25% 4.49% 4.24%
1. Santander 0.75% 4.5% 3.75%
Al-Rayyan 1.45%
Source: This is Money and L&C Mortgages
*Offers a slightly higher rate for balances over £10k
**Existing customers have a 4.74% return rate
Completion date: July 7, 2022
The big bank of shame is fixed rates
Provider Annual fixed rate Two-year fixed rate
7. Lloyds N/A 0.8%
6 Halifax N/A 0.8%
5. HSBC 0.45% 0.5%
4. Barclays 1% 1.3%
3. Nationwide 1.1% 1.4%
2. Santander 1.4% 1.9%
1. BSE 2% 2.2%
Cynergy Bank 2.72%
Cynergy Bank 3.08%

James Blower, savings guru, says: “The tables highlight the stark reality that the big banks are not interested in passing on base rate rises to depositors.

“Despite five hikes since December, the tables show that the big providers are doing nothing, and investors expecting to be better off because of the base rate hike just aren’t.

“The good news is that there are ten providers who pay 1.4 per cent or more for easy access and want your money, and there is a significant increase in interest rates for those who switch.

“Unfortunately, loyalty is not rewarded and those who save at the big banks will only benefit from the move.

“This is pure and simple speculation on the part of the banks, who lend out these deposits at much higher rates or, at worst, earn 1.25 per cent on depositors’ money by placing it with the Bank of England.”

Get the best savings rate: where to move next

What the tables are meant to do is to spur custodians into action. Overcome this inertia to move your money and stop banks from treating depositors with such contempt.

– Easy access to best buy savings rates

– Best Buy Fixed Rate Savings Account

– Best buy cash Isas

– Best rates from savings platforms



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