Big bank customers can triple returns switching to top paying rivals
Savers looking for risk-free returns and easy access to their cash can make an extra £777 switching to a top paying easy access account compared to sticking with a similar account with a high street bank, Moneyfactscompare.co.uk analysis can reveal.
|
Easy access account provider
|
Average rate on £25k
|
12-month return on £25k
|
Inflation adjusted (3.8%)
|
|
High street bank
|
1.39%
|
+£347.50
|
-£602.50
|
|
Top two rates on moneyfactscompare.co.uk
5.86%
|
4.5%
|
+£1,125.00
|
+£175.00
|
|
The comparison is between the top eligible easy access rates and the average rate paid across similar easy access accounts offered by leading high street banks and Building Societies (Barclays Bank, HSBC, Lloyds Bank, NatWest, Santander, Nationwide, TSB, the Co-operative Bank) that offered the following features as at 3 November 2025: Easy Access to funds, Unlimited Withdrawals, Available to any UK adult saver, No account fee & Available to new customers.
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- Savers who switch a £25,000 savings pot from a big bank’s easy access account to a top paying challenger available on moneyfactscompare.co.uk could earn an extra £777 in interest after 12-months.
- With a typical high street bank’s easy access account offering an average rate of just 1.39%, a 12-month return of £347.50 on a £25k deposit is a loss of £602.50 in real terms after adjusting for inflation.
- Instead, the top rates available through moneyfactscompare.co.uk can offer a greater return of £1,125.00 in a year, a real return of £175.00 after inflation.
- The Moneyfacts Savings Trends Index* has found that almost half of savers could be missing out on substantial returns. Almost one in four (23%) admit to having never switched savings account and a further one in four (23%) said they are switching accounts less than every couple of years, missing out on the best returns possible with rates moving regularly and the average 45-day shelf-life of fixed savings deals.
- Even worse, 41% of savers are making the mistake of keeping their savings in a low-interest current account, which could be costing them easy returns and diminishing their wealth due to inflation.
- According to Bank of England data households’ deposits with banks and building societies increased by £7.9 billion in September. The increase was driven by households depositing an additional £5.8 billion into easy access savings and current accounts.
Adam French, Head of News at Moneyfactscompare.co.uk, said:
“Big banks are taking far too many savers for granted by paying them paltry returns on their savings, but the best way to fight back is to ditch your apathy. Whether you’re saving for financial security, a special occasion or a big purchase, shopping around for the best interest rates really can make life more interesting.
“Even small differences in interest rates can make a big difference over time, especially when inflation is considered. Shopping around for better rates, considering your tax situation, and avoiding the mistake of leaving money in low-interest accounts can help you achieve your savings goals faster. Especially when a simple change can mean hundreds more in returns.
“Taxpayers looking for risk-free returns should also be mindful of their Personal Savings Allowance (PSA) and might benefit from using cash ISAs to protect their savings from tax, which could bolster their return further.”
To encourage savers to switch for better rates Moneyfactscompare.co.uk is set to air a new TV advert this month – highlighting the importance of shopping around for the best savings rates.
Richard Ward, Sales and Marketing Director at Moneyfactscompare.co.uk, said:
“The new adverts will round off what has already been an exciting year for the website. Last month, Moneyfactscompare.co.uk celebrated 25 years of helping consumers make more informed financial decisions.
“However, there are still many consumers getting a raw deal on their savings or having their hard-earned cash eroded by the rising cost of living. We hope our new TV adverts prompt savers to review their accounts and consider making a switch.”
The new Moneyfactscompare.co.uk TV advert is available to view here: https://www.youtube.com/watch?v=cshUOuH6cms
* Survey of 2,000 nationally representative UK adults carried out by OnePoll on behalf of Moneyfacts between 1 - 3 September 2025. Savings index data and analysis can be found here: https://moneyfactscompare.co.uk/savings-accounts/savings-trends/.
Big bank customers can triple returns switching to top paying rivals
Savers looking for risk-free returns and easy access to their cash can make an extra £777 switching to a top paying easy access account compared to sticking with a similar account with a high street bank, Moneyfactscompare.co.uk analysis can reveal.
|
Easy access account provider
|
Average rate on £25k
|
12-month return on £25k
|
Inflation adjusted (3.8%)
|
|
High street bank
|
1.39%
|
+£347.50
|
-£602.50
|
|
Top two rates on moneyfactscompare.co.uk
5.86%
|
4.5%
|
+£1,125.00
|
+£175.00
|
|
The comparison is between the top eligible easy access rates and the average rate paid across similar easy access accounts offered by leading high street banks and Building Societies (Barclays Bank, HSBC, Lloyds Bank, NatWest, Santander, Nationwide, TSB, the Co-operative Bank) that offered the following features as at 3 November 2025: Easy Access to funds, Unlimited Withdrawals, Available to any UK adult saver, No account fee & Available to new customers.
|
- Savers who switch a £25,000 savings pot from a big bank’s easy access account to a top paying challenger available on moneyfactscompare.co.uk could earn an extra £777 in interest after 12-months.
- With a typical high street bank’s easy access account offering an average rate of just 1.39%, a 12-month return of £347.50 on a £25k deposit is a loss of £602.50 in real terms after adjusting for inflation.
- Instead, the top rates available through moneyfactscompare.co.uk can offer a greater return of £1,125.00 in a year, a real return of £175.00 after inflation.
- The Moneyfacts Savings Trends Index* has found that almost half of savers could be missing out on substantial returns. Almost one in four (23%) admit to having never switched savings account and a further one in four (23%) said they are switching accounts less than every couple of years, missing out on the best returns possible with rates moving regularly and the average 45-day shelf-life of fixed savings deals.
- Even worse, 41% of savers are making the mistake of keeping their savings in a low-interest current account, which could be costing them easy returns and diminishing their wealth due to inflation.
- According to Bank of England data households’ deposits with banks and building societies increased by £7.9 billion in September. The increase was driven by households depositing an additional £5.8 billion into easy access savings and current accounts.
Adam French, Head of News at Moneyfactscompare.co.uk, said:
“Big banks are taking far too many savers for granted by paying them paltry returns on their savings, but the best way to fight back is to ditch your apathy. Whether you’re saving for financial security, a special occasion or a big purchase, shopping around for the best interest rates really can make life more interesting.
“Even small differences in interest rates can make a big difference over time, especially when inflation is considered. Shopping around for better rates, considering your tax situation, and avoiding the mistake of leaving money in low-interest accounts can help you achieve your savings goals faster. Especially when a simple change can mean hundreds more in returns.
“Taxpayers looking for risk-free returns should also be mindful of their Personal Savings Allowance (PSA) and might benefit from using cash ISAs to protect their savings from tax, which could bolster their return further.”
To encourage savers to switch for better rates Moneyfactscompare.co.uk is set to air a new TV advert this month – highlighting the importance of shopping around for the best savings rates.
Richard Ward, Sales and Marketing Director at Moneyfactscompare.co.uk, said:
“The new adverts will round off what has already been an exciting year for the website. Last month, Moneyfactscompare.co.uk celebrated 25 years of helping consumers make more informed financial decisions.
“However, there are still many consumers getting a raw deal on their savings or having their hard-earned cash eroded by the rising cost of living. We hope our new TV adverts prompt savers to review their accounts and consider making a switch.”
The new Moneyfactscompare.co.uk TV advert is available to view here: https://www.youtube.com/watch?v=cshUOuH6cms
* Survey of 2,000 nationally representative UK adults carried out by OnePoll on behalf of Moneyfacts between 1 - 3 September 2025. Savings index data and analysis can be found here: https://moneyfactscompare.co.uk/savings-accounts/savings-trends/.
