istock_000032754922_full

Shifting savings to get the best rates

Millions of dissatisfied Britons will be looking to move their savings around in 2017 to get the best rates

According to new research by Opinium on behalf of Masthaven, fewer than one in 10 people believe they are getting the most competitive returns on their money.

New online challenger bank Masthaven has learned that many savers are losing hope that their main bank will deliver, with just one in three (29%) saying that they trust them to provide a good rate. Almost two-thirds of savers are not confident that their current bank or building society is providing the best deal.

A similar figure (27%) have been put off shopping around, saying there are poor deals everywhere, while 18% admitted they just can’t keep up with the [savings account] market.

However, almost a third (29%) of savers admitted that they stick with their main bank and do trust them to deliver a good rate.

The survey showed two-fifths (40%) of savers had switched or thought about doing so in 2016.

 

Read more about this research here.