Savings account: Where do you have to put your cash as charges plummet? | Personal Finance | Finance

Thousands of Britons with Vernon Building Society will earn no curiosity in any respect on their financial savings.

More than 200 High Street banks are providing charges of simply 0.01 p.c.

According to This is Money, one of the best purchase charge of 1.13 p.c is held by small Surrey-based constructing society The Family Building Society, which implies curiosity of £113 earned on £10,000.

The greatest charge from a bigger financial institution in the meantime is from Marcus by Goldman Sachs and RCI Bank, the banking arm of Renault at 1.05 p.c which implies curiosity of £105 earned on £10,000.

In whole six accounts presently pay savers no curiosity in any respect, however in addition they all paid this charge this time final 12 months.

One is an account with personal financial institution, Weatherbys, whereas the others from Family BS, Melton BS and Yorkshire BS, are linked to offset mortgages, the place savers solely pay curiosity on the stability between deposits and their excellent house mortgage.

Savers leaving their cash within the UK’s greatest banks such because the AA, Citibank and the Post Office will doubtless earn little greater than nothing with charges of simply 0.01 p.c curiosity, which means £1 for £10,000 price of financial savings.

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