UK Money News
4th June 2008
Skipton urges online savers to look beyond High St banks
Customers who have an online savings account with a High Street bank could secure a better return on their money elsewhere, according to Skipton Building Society.
Research undertaken by the lender showed that over the last year the big five banks - Halifax, Barclays, Lloyds TSB, HSBC and NatWest - have cut rates on their internet savings accounts by 0.45 basis points.
However, Skipton's account has followed the base rate on its offer rate which now stands at 5.35 per cent.
Steve Aldous, general manager of the firm's sales and marketing division, said: "The big five banks relying on customer inertia to swell their coffers. They are covering up rate cuts by hiding these accounts in the background with new offers, leaving existing customers in the dark.
"These old accounts and closed issues are a soft target for the banks as they look to increase their profits. If you still have one of these accounts, it's time you switched to a better rate."
Skipton calculates thatif £10 billion is held in these internet accounts, savers with the Big five have lost around £29 million in interest over the last 12 months.
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