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ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 08/04/2020

Savers staying loyal to their existing savings account could be getting 0.00% AER interest on their easy access accounts, our research has found.

In researching the lowest rates on closed accounts, we found that the lowest closed easy access rate stands at 0.00% AER and the lowest closed easy access ISA is 0.05% AER. This means that some savers are getting no interest on their savings. However, with the top rate in the easy access savings chart standing at 1.31% AER and the top rate in the easy access ISA chart standing at 1.25% AER, by switching to a account savers could increase their savings rates by up to 1.31% or 1.20% on an easy access ISA.

In addition to this, our research has found that in the last four months the average rate on a closed easy access account has fallen from 0.70% AER in January 2020 to 0.68% AER today. During the same period, the average rate on an easy access ISA has fallen from 0.82%AER to 0.79% AER. This means many savers with a closed account will have likely seen the interest rate on their savings fall this year. As well as this, with the Bank of England cutting base rate twice last month and with it now standing at 0.10%, its lowest level on record, rates may fall further in the coming months.

Average closed rates

  1 January 2020 1 February 2020 1 March 2020 1 April 2020
Average closed easy access rate £1OK AER 0.70% 0.69% 0.67% 0.68%
Average closed easy access ISA rate £20K AER 0.82% 0.80% 0.78% 0.79%


What is a closed account?

A closed account and a closed ISA are savings accounts that are no longer available to new customers, but the account is still being used by savers who have already opened it. While a closed account can sometimes offer a higher rate than is currently available in the charts, savers with a variable rate closed savings account or ISA should be aware that rates can be changed. It is for this reason that savers with a closed account, or who have had their account for a long period of time, should check to see the current rate it is paying and, if there are better deals currently available in the charts, to consider switching to a new savings account.

Rachel Springall, finance expert at said, “It just goes to show that savers cannot afford to be lethargic with their nest eggs. Interest rates are on the downward trend so it would be a wise move for savers to check their rate and switch to a more attractive deal if they find they are earning next to nothing on their hard-earned cash. Providers will notify their existing customers of rate changes, but it is down to the saver be proactive and review the change and move their cash. Speed is crucial and it is important that savers get online to find some of the best rates and keep on top of the changing market.”

Best easy access savings rates

To view all the best easy access savings rates currently available take a look at our easy access savings account and easy access ISA charts.


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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