Overview
- Moneyfacts data cited by Which? shows a typical £10,000 balance earns about £115 at 1.15% AER on the high street versus £448 at 4.48% AER with a top account.
- Savers are urged to verify Financial Services Compensation Scheme coverage up to £120,000, as not all banks or platforms are protected.
- Temporary bonus rates can lapse and fixed bonds can be rolled into lower‑paying accounts at maturity unless instructions are set.
- Savings platforms can simplify opening and switching accounts and may offer exclusive deals, but some charge fees that reduce returns.
- NatWest has notified customers it will cut several savings rates from January 19 following the Bank of England’s base rate reduction.