Brits worried about savings account rates, says Which?
www.moneynews.co.uk > Banking > Brits worried about savings account rates, says Which?
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Brits worried about savings account rates, says Which?
Mon 9th Feb 2009
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The consumer magazine found that 75 per cent of those it polled are worried about savings account rates, with 22 per cent saying they are "extremely concerned", 23 per cent "very concerned" and 29 per cent "fairly concerned".
Peter Vicary-Smith, chief executive of Which? claimed that customers looking to get the best rates should consider moving their savings away from big high street banks.
He explained that "the big name high street banks have consistently let their customers down," adding: "Savings rates are a major area of concern for consumers and it's no wonder given the eagerness of banks to slash their already miserly rates at the drop of a hat."
Recently the Bank of England cut the base rate of interest to one per cent, a reduction which savings account providers may choose to follow.
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