Saving's Champion co-founder, Anna Bowes, answered questions at 5.57 this morning (1st December) from Radio 5 Live's Wake up to Money presenters, Mickey Clark and Andrew Verity. They were interested to know how and why savings account providers (banks and building societies) make it so hard for hard hit savers to find out what interest rate they're earning on their savings accounts. The result of this "obfuscation" by the providers, and inertia on the part of savers, is that many savers continue to earn only 0.5% on their savings accounts.
The reason for the interview was the recent launch of Savings Champion's free web and phone-based savings information service including our One Minute Rate Check service that allows savers to check how their current savings rate compares with the best savings rates offered by other savings account providers. Savers can then register, again free of charge, for our unique Rate Tracker service that will track their different savings accounts and alert them by email when something is about to change on the savings account, for example the bonus rate is about to end, and inform them of the current best buys for their type of savings account.
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