I wanted to spend my time shifting antiques – not cash

MANY savers have received letters from their banks in recent weeks with the news that rates on their accounts have been cut.

Such disappointing reminders are so commonplace that few bother to move their cash, as the hassle appears major and the rewards small. But it can make a big difference in time, especially for those relying on their nest eggs for income.

Anyone with savings of £100,000 or more who does not regularly review rates should consider handing over responsibility to the ‘concierge service’ of independent rate scrutineer SavingsChampion.

The online and phone-based firm takes care of the research and paperwork needed to move your cash to a better paying deal – only your approval and signature is needed. You still have a direct relationship with each bank and accounts remain in your name. The service promises to be upfront if it cannot improve your wealth.

Savings are distributed between accounts to ensure every penny is protected by the Financial Services Compensation Scheme.

An initial one-off fee of 0.1 per cent of savings applies, followed by a yearly fee of 0.2 per cent, charged quarterly.

Andrew Nebbett is ready to hand over the reins to SavingsChampion. He has long received its emails about bestbuy accounts but never found time to act on them.

The 53-year-old runs his own furniture design and antiques business with wife Christine, 51. They have two sons, Joe, 18, and Kit, 15, and live near the workshop in Devon. He says: ‘I work long hours and don’t have time to constantly move money around, so we are delighted to hand the work to someone else.’

Andrew knows that moving his savings would make a big difference over the years, but to do it himself he says he would need to be retired.

‘When you’re working other things take priority,’ he says.