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Big bank savings league of shame: Worst rates revealed


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The big bank savings league of SHAME: Compare your insult accounts – then vote with your feet and get these better deals

  • Banks continue to offer as little as 0.01% on easy-access rates 
  • They also offer as little as 0.5% to savers on a two-year fix 
  • You’re familiar with our best buy savings tables – meet our worst buy tables…

Since December, there have been five Bank of England base rate rises, taking it from 0.1 per cent to 1.25 per cent

This move has filtered through to our independent This is Money savings tables, with challengers leading the way when it comes to offering best buy easy-access and fixed-rate deals that have rocketed. 

However, it is clear that many of the big banks have no inclination at present to fight for saver cash or play fair on rates.

For that reason, we have decided to publish a weekly league table of the worst offenders when it comes to easy-access rates, one-year and two-year fixes.

Piggy pain: We have decided to list out all of the rates offered by the big high street banks

Piggy pain: We have decided to list out all of the rates offered by the big high street banks

WORST OFFENDERS: Currently, Barclays still offers just 0.01 per cent on easy-access cash. This is just 10p on each £10,000 saved.

By comparison, the best rate in our easy access savings tables is currently Al Rayan’s 1.45 per cent deal, with a string of others paying 1.4 per cent.

NatWest/RBS are the worst offenders for one and two year fixes, as they don’t even bother to offer fixed-rate deals for savers outside of a tax-free wrapper. Halifax and Lloyds Bank don’t offer 12 month fixed-rates and just 0.8 per cent over two years. 

By comparison, the best rate in our fixed rate savings tables over one year is Cynergy Bank’s 2.72 per cent deal and it also has the best two-year fix at 3.08 per cent.

BEST OF A BAD BUNCH: TSB gets an honourable mention here, after it raised rates on its fixed-rate deals on 7 July. Its one-year fix now pays 2 per cent, while its two-year pays 2.2 per cent.

Nationwide also gets a mention, as it is now offering a triple-access easy-access savings rate of 1.4 per cent which parks it near the top of our best buys, while Santander is offering the best easy-access rate with unlimited access at 0.75 per cent. 

While these don’t beat the best buys in our independent This is Money savings tables, they are still much better than all other major high street banks. 

There is currently a gap of 1.39 percentage points between the worst easy-access account, Barclays, and the best, Nationwide.

Below, we also highlight each bank’s standard variable rate mortgage, many of which have gone up in line with the base rate almost instantly, unlike savings.

It is worth pointing out that banks are likely to have 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 easy-access rate 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. Lloyds  0.2%  4.49%  4.29%
4. TSB  0.25%  4.49%  4.24% 
3. Halifax  0.25%  4.49%  4.24% 
2. Santander  0.75%  4.5%  3.75% 
1. Nationwide 1.4%*  4.49%  3.09% 
Al-Rayan  1.45%     
Source: This is Money and L&C Mortgages
*Money can only be accessed three times per year
**Existing customers have a revert rate of 4.74%
Date compiled: 7 July 2022
Big bank league of Shame – Fixed Rates
Provider One-year fixed rate  Two-year fixed rate 
WORST: NatWest/RBS  N/A  N/A 
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  1.4%  1.7% 
2. Santander  1.4%  1.9% 
1. TSB  2%  2.2% 
Cynergy Bank  2.72%  – 
Cynergy Bank  –  3.08% 

James Blower, The Savings Guru, says: ‘The tables highlight the stark reality which is that the big banks have no interest in passing on the base rate rises to savers. 

‘Despite five increases since December, the tables demonstrate that the big providers are doing nothing and those savers expecting they are better off because of the base rate increases simply aren’t. 

‘The good news is there are ten providers paying 1.4 per cent or more on easy-access who do want your money and there’s a significant uplift in interest for savers who switch. 

‘Unfortunately loyalty isn’t rewarded and those saving with big banks will only benefit by moving.

‘It’s plain and simple profiteering by the banks who are lending these deposits out at far higher rates or, at worst, earning 1.25 per cent on savers money by placing it with the Bank of England.’

Get a better savings rate: Where to head next 

What the tables should do is prompt savers into action. Tackle that inertia to move your money and stop allowing banks to treat savers with such distain.

– Best buy easy-access savings rates

– Best buy fixed-rate savings account

– Best buy cash Isas

– Top rates from savings platforms




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