Savings Rates Crisis: Are You Losing Money?

UK Savings Rates Plummet: Experts Urge Consumers to Act. LONDON – Savings rates in the UK have fallen dramatically in the last 18 months, prompting financial experts to advise consumers to review their accounts. The average easy access savings rate has dropped from 3.18% to 2.77%, a significant decrease that could cost savers hundreds, even thousands, of pounds annually. "It's crucial for people to check their savings rates and consider switching to higher-yielding accounts," says Antonia, a financial advisor. She points out that a cash ISA currently offers a top rate of 5.7%. Using a £30,000 example, she highlights the difference between earning £400 at a low rate versus £1450 at a higher rate. While this is not financial advice, the stark contrast emphasizes the importance of staying informed and proactive about personal finances.