Savers urged to rotate accounts to gain interest

Savers urged to rotate accounts to gain interest

Savers need to move their money around to make sure they are achieving the best possible rates, according to Kirsty Grainger.

The Yorkshire-based operations manager of cash manager Dynamic Cash Management was speaking after the FCA published a list of banks and building societies, showing the rates they offer on savings.

Published in December, the list showed that three institutions – Danske Bank, Ulster Bank and Progressive Building Society – pay as little as 0.01 per cent interest on savings.

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Ms Grainger said: “Rewards for loyal customers have been a thing of the past for some time, with a huge amount of cash in the UK sitting in low-rate accounts.

“Making the most of your cash is harder work than ever before, and we believe the only way to go is to move your cash around to ensure you consistently achieve competitive rates of interest.”

Adviser view

Steven Robinson, managing director of Bristol-based advisory firm Clarke Robinson, said: “Savers are far better off sticking with someone who is not likely to slash their rates.

“The people who already move their money around will continue to do so, but for an adviser to take responsibility for that is a lot of work which will not pay off unless you are dealing with very substantial sums.”