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Savers face brutal cuts to interest rates making lending to friends and family an option worth Considering

Savers face brutal cuts to interest rates making lending to friends and family an option worth Considering

Savings rates are being slashed, with some high street accounts now paying as little as 0.01% interest. But experts said consumers “do not have to take this lying down,”

UK savers urged to switch after brutal cuts to interest rates

Savings rates are being slashed, with some high street accounts now paying as little as 0.01% interest. But experts said consumers “do not have to take this lying down,” and urged them to switch to one of the accounts still offering a semi-decent rate.


The financial information firm Moneyfacts said savings deals were being “pulled left, right and centre” as banks and building societies reacted to the emergency measures to support the economy during the coronavirus crisis.

Rachel Springall, a finance expert at Moneyfacts, said: “If savers are hoping to secure an attractive rate, then applying quickly has never been so crucial. Savers must also review any accounts they currently have and switch if they are on a poor rate.”

Tim K. Dean, Credi Founder | Commentator & Expert on Family Lending, Bank of Mum & Dad and Neo-Credit Scores is available for media interviews and appearances. More…

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