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Derin Clark

Derin Clark

Online Reporter
Published: 26/05/2020

Savers with an easy access account from a high street bank could find they are getting poor returns on their savings, as nine of the 15 biggest savings providers pay lower rates than the market average.

The current average rate on an easy access savings account stands at 0.32% and our research found that just six of the 15 well-known brands paid rates above this average, with Yorkshire Building Society, Leeds Building Society and Virgin Money offering the best rates paying an average of 0.57%, 0.48% and 0.47% respectively.

Offering the worst average rates were Lloyds Banking Group, paying 0.02%, Santander, paying an 0.10% and RBS Group, paying 0.15%. The table below show the average rates being offered by the 15 biggest savings providers.

With the majority of the biggest savings providers offering below average rates, along with the fact that rates have been changing rapidly, savers looking for the most competitive easy access account should keep a constant eye on the easy access savings chart to secure the best rate possible.


Easy access analysis of 15 well-known brands versus market average rate 

Group  Product count Lowest AER Highest AER Overall average AER AER difference of overall average bersus market average of 0.32%
Barclays Bank 3 0.10% 0.50% 0.29% -0.03%
Coventry Building Society  16 0.25% 0.55% 0.29% -0.03%
HSBC 11 0.01% 0.40% 0.17% -0.15%
Leeds Building Society  4 0.15% 0.75% 0.48% 0.16%
Lloyds Banking Group 13 0.01% 0.05% 0.02% -0.30%
Nationwide Building Society 3 0.01% 0.50% 0.12% -0.20%
Post Office Money® 3 0.34% 0.35% 0.35% 0.03%
Principality Building Society 4 0.10% 0.65% 0.37% 0.05%
Royal Bank of Scotland Group 8 0.01% 0.85% 0.15% -0.17%
Santander 5 0.05% 0.20% 0.10% -0.22%
Skipton Building Society 3 0.15% 0.65% 0.29% -0.03%
The Co-operative Bank 6 0.05% 0.55% 0.35% 0.03%
TSB Bank 2 0.24% 0.24% 0.24% -0.08%
Virgin Money 13 0.20% 1.01% 0.47% 0.15%
Yorkshire Building Society 4 0.00% 1.02% 0.57% 0.25%

Range includes loyalty savers but not closed accounts, rates include all tiers


Commenting on the research into the 15 biggest savings providers, Rachel Springall, finance expert at, said: “Consumers may now be feeling the impact of the two base rate cuts and the Coronavirus pandemic on their savings pot, particularly if they have their cash with one of the biggest well-known brands. In fact, it is more likely than not that they would be earning less than the market average easy access rate today.

“Once these developments have hit home, it could well force savers to be more vigilant and be proactive to switch – or they may face earning next to nothing on their hard-earned cash. Not only this, but savers on the poorer interest rates will find the true spending power of their cash is being eroded by inflation, as there are less than 30 deals that can outpace 0.80% today based on a deposit of £10,000. This means more effort will need to be made to scope out the top rates in the market.

“Speed to apply for the top rates is becoming ever more crucial though, as savings providers can be flooded with deposits and may choose to cut their rate to deter investors, or as a last resort, pull their deal entirely. The murmurings of negative interest rates will be a further blow to savers, as interest rates on the most flexible of accounts could well be cut even more so and there may even be accounts that will no longer pay any interest to hold savers’ cash.

“It is clear as day to see that loyalty does not pay when it comes to savings accounts – if consumers want the best return they will have to shop around and move their money quickly to ensure they don’t miss out on the most lucrative deals.”


Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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