Building Societies and Big Banks Compete on High Savings Rates
1 report, 1 independent
Updated Sep 25
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What happened
Building societies are currently competing with big banks by offering high savings rates, encouraging savers to review their accounts during UK Savings Week. An analysis by Moneyfacts Group plc found that a £10,000 balance held for one year would earn £422 in a top-rate building society account, compared to £116 in an average big bank easy access account.
From aol.co.uk
Why it matters
The report noted that, after accounting for inflation, average big bank accounts lose value in real terms. Furthermore, in 2025, building societies paid savers an additional £2.1 billion in interest compared to the average rates offered by the UK's largest banks.
From aol.co.uk