Savers should ditch and switch if they are not satisfied with rates – Which?

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. With millions of consumers still feeling the impact of an unrelenting cost-of-living crisis, it’s become even more important to get better returns on savings accounts Jenny Ross, Which? Money, said: “With millions of consumers still feeling the impact of an unrelenting cost-of-living crisis, it’s become even more important to get better returns on savings accounts.” She added: “Our advice is simple: if you’re not satisfied with the rates you’re currently receiving, now’s the time to switch.” Several providers have recently announced new savings deals. A blog on UK Finance’s website by Eric Leenders, managing director, personal finance at UK Finance says: “Banks take a number of factors into account when determining the interest rate paid to savers or by borrowers. The level of competition in the market is a key factor, alongside the nature of a bank’s own business model and customer strategy.” We would always encourage customers to shop around for the product and interest rate that is suited to their needs UK Finance spokesperson A UK Finance spokesperson said: “The rates an individual firm offers on its savings products are driven by a number of different factors, not just the Bank of England’s bank rate.