STING IN THE TAIL

TWO-THIRDS of savings accounts offering an introductory bonus rate pay less than 0.25% when the initial deal ends.

Moneyfacts found that 68% of bonus savings accounts would pay less than the Bank of England base rate of 0.25% once the bonus period had expired.

It warned that when the initial bonus rate ended, “the rate could end up paying next to nothing in some cases”.