Gloom for savers

DESPITE a series of base rate rises, high street banks are still paying savers as little as 0.01 per cent in interest, leaving cash at the mercy of soaring inflation. Since December, banks have increased interest paid on their easy access accounts by just 0.09 percentage points on average, according to Savings Champion.

Barclays has been paying savers 0.01 per cent since July 2020. It means a £10,000 deposit in their Everyday Saver account earns just £1 a year.