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Loyal savers at Barclays and Lloyds Bank are urged to reassess their savings accounts, as many are missing out on better interest rates amid rising inflation. With some easy-access accounts offering as low as 1%, switching to more competitive options could yield significantly higher returns, potentially increasing earnings from £100 to £300 annually on a £10,000 deposit. As the new tax year approaches, several providers have enhanced their rates, making it crucial for savers to explore their options and maximize their savings potential.
Savers with major banks like Barclays and Lloyds are urged to switch accounts to secure better interest rates, as many current offerings are significantly lower than inflation. Financial experts highlight that switching could yield hundreds more in annual interest, with some accounts offering rates above 4.5%. For instance, a £10,000 deposit could earn £300 instead of just £100 by moving to a more competitive account.
Matthew Parden
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
loyal savers urged to switch accounts for better interest rates
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Rachel Springall
Matthew Parden
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15:25 27.03.2025
financial experts urge savers to switch accounts for better interest rates
04:41 26.03.2025
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