Overview
- Moneyfacts' mid-June research warns that millions of UK savers keeping money in older or closed easy-access accounts are missing out on materially higher rates.
- The analysis found closed easy-access accounts pay an average of 2.39%, meaning a £20,000 saver could forfeit about £322 a year versus a 4% account.
- Four in five easy-access accounts pay less than the Bank of England base rate of 3.75%, and with inflation near 2.8% many accounts now deliver negative real returns.
- Higher-paying alternatives exist — top live deals include Cahoot’s 5% saver, Tembo’s 4.55% product with a bonus, Hampshire Trust Bank at about 4.24%, and one-year fixed bonds up to roughly 4.85% — but many offers have caps, bonus steps or limited access.
- Frozen tax thresholds and a planned cut to the annual cash ISA allowance from £20,000 to £12,000 in April 2027 have already driven large ISA inflows and add urgency for savers to review accounts and consider tax-efficient or fixed-rate options.