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PPI claim: Easy access savings offer 'poor' returns

Many easy access savings accounts are offering rates below one per cent, it has been revealed.

Research from moneyfacts.co.uk has revealed that the average easy access savings account now pays out just 0.73 per cent.

Two of the UK's biggest banks – Royal Bank of Scotland and HSBC – offered some of the lowest rates to customers, reports thisismoney.co.uk.

RBS pays out 0.l per cent on its instant access savings option, while HSBC's main instant access savings account, called the flexible saver, returns a mere 0.05 per cent.

Despite the rates being well below the Bank of England base rate of 0.5 per cent, HSBC claimed its low rates were justified.

A spokesperson told the website: "Our advice to savers is that if you can tie any money up into a savings account, try to do so for between 12 to 24 months. At the moment it is very difficult for us to offer anything higher over a shorter period."

Egg and the AA offered the best performing accounts with returns of 2.8 per cent available to customers.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800001841-ADNFCR



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