Property News · July 23, 2016

The bank accounts paying savers a pittance


The interest offered by some banks and building societies has hit 0%, so who are the worst culprits and where’s the best place to park your cash?Britain’s chief financial watchdog this week named and shamed the banks paying their savers a pittance. In some cases customers are being paid 0% interest.The institutions include big names such as HSBC, First Direct and the Post Office, all of which have easy access accounts that in some circumstances pay no interest at all. Others, such as Ulster Bank, have accounts which pay as little as 0.01%, which means that if you had £1,000 saved you would receive the princely sum of 10p gross interest after a year. After 26 years you’d have amassed enough to buy a Starbucks grande cappuccino … assuming it still costs £2.60 in the year 2042. Continue reading…

Source : theguardian.com
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