are getting far lower returns than those that actively switch to new products, with the gap between the rates paid by closed and new accounts having widened in the past two years.– where cash is not locked away and can be withdrawn with little notice – pays a rate of just 2.82 per cent. The best easy access account on the market currently pays 5.2 per cent.
But this gap has now widened to 0.31 per cent – 2.82 per cent compared to 3.13 per cent – meaning there is more to lose by not actively searching for better accounts. “Over the past two years, the average rate on a live easy access account has surpassed the average closed rate, despite base rate rises from the Bank of England and numerous calls for the biggest banks to improve savings rates for existing customers.
The analysis also shows how big name banks often offer accounts with far lower rates than smaller name banks.