If you are earning 0% interest on your savings, it’s almost certainly time to switch your account.
If you have had the same savings account for a number of years, you may not be receiving the best rate of interest you could be. As the Telegraph points out, you may even be earning nothing at all. The Financial Conduct Authority (FCA) has recently “named and shamed” the banks that currently offer little to no interest on savings accounts. With the Bank of England expected to lower base rates next month, this could put even more strain on savings interest rates.
The Telegraph has advice on which type of account to look at when deciding to switch your savings. If you would like to discuss your savings with us, you can take a look at our savings and investment services here.
