Two of the big banks are also now no longer interested in taking on new customers, instead allowing only their current account customers to open an easy-access savings account. It means savers will continue to earn a derisory 0.01 per cent on easy-access accounts with the big banks — Barclays, Lloyds (including Halifax), HSBC and NatWest (including Royal Bank of Scotland) – while other banks pay as much as 0.71 pc. The big banks know savers will often simply open a savings account with their current account provider rather than seek out better deals, so they have no need to compete for funds. The Premium Saver and Savings Builder — both paying as little as 0.01 per cent — are also limited to current account holders. HSBC, Barclays and Lloyds still allow you to open a savings account even if you do not have a current account with them.

Source: Daily Mail January 05, 2022 02:04 UTC