Savings experts have urged people to act now ahead of a key change in April
Loyal savers with four big name banks - Barclays , HSBC , Lloyds Bank , NatWest - have been urged to take action as they could be missing out on earning three times more interest. Experts from savings platform Sidekick Money have called on savers to take advantage of the "very dynamic and competitive", with the potential for the base interest rate to change again soon.
Mr Ford advises savers to consider several factors when switching accounts, including their financial situation, risk appetite, and what they want from the account. He said there is plenty of choice if you want to max out your returns: "For pure rate chasers there are all sorts of complicated savings accounts with non-traditional providers where you can maximise your rate."
Brian Byrnes, head of personal finance at savings provider Moneybox, also pointed to cash ISAs as a great way to grow your savings. He commented: "While the average variable rate cash ISA currently stands at 1.8%, there are numerous other options offering interest rates exceeding 5% readily available, so it's important to shop around to find the best product for your needs."
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