CITYDESK

WITH TRICIA PHILLIPS One in five easy-access savings accounts pay paltry interest of 0.10 per cent or less.

Savingschampion.co.uk found that more than half of new savings accounts launched last year offered higher rates than those they replaced. But many accounts are still paying next to nothing, despite the Bank of England doubling its base rate to 0.5 per cent in November.

Anna Bowes, director at Savingschampion, said: “These rates are pathetic and any saver who is sticking with a bank paying them so little should really vote with their feet.

“If you have £10,000, you have a choice of getting £10 a year or £132 – I know which most people would want.”

The best easy-access accounts include the AA’s Easy Access Saver (aa.com or call 0345 266 0001) at 1.32 per cent, or Post Office Money (postoffice.co.uk) and RCI Bank (rcibank.co.uk), which pay 1.3 per cent.

RCI is not covered by our Financial Services Compensation Scheme but by the French equivalent.

One-year bonds include Atom Bank’s 1.8 per cent (app-based only) and the Post Office’s 1.78 per cent (online only).

If you’re prepared to lock cash away for three years, you can get 2.21 per cent from Charter Savings (chartersavingsbank.co.uk).