SAVINGS
Why big banks are giving UK savers a raw deal
The proportion of the central bank rate passed on to customers is lower than in many other countries, reports George Nixon
The average easy-access rate paid by the UK’s big banks is 1.86 per cent
ALAMY
The Times
Savers might have enjoyed better returns recently but big banks in the UK are some of the worst in the world when it comes to passing on rate rises to savers.
Five of the biggest banks in Norway pay an average of 2.82 per cent on their easy-access accounts while in Sweden the top five pay an average of 2.6 per cent — both about two thirds of the countries’ central bank rates of 4.25 per cent.
But in the UK, where the Bank of England base rate is 5.25 per cent, the average easy-access rate paid by Barclays, HSBC, Lloyds, NatWest and Santander is 1.86 per cent. That’s just 35 per cent of Bank rate.
UK savers also get a worse deal than those
