We launched our Campaign in February to make switching savings accounts easier, because we feel that the nation’s savers need help. A rise in the base rate alone is not enough. What is desperately needed is more competition in the market to improve interest rates.
One way to increase competition, as illustrated by the recent overhaul in the current account market, is to encourage more people to switch their savings too.
Unlike current accounts it’s vital that savers switch their savings account regularly to make sure they’re always earning the best rates. However, the process can be antiquated and onerous, especially if you’re switching more than one account, multiple times. Quite frankly it’s frustrating and time consuming and this breeds inertia amongst savers – which means that billions of pounds of potential extra interest is being lost each year.
We were really pleased to see the unexpected support for savers in the Budget. The new ISA (NISA), forthcoming pensioners bonds and cutting the tax rate on savings income are all long awaited boosts, but more needs to be done….and we need your help.
So far thousands of you have joined our campaign and we’d like to thank you your help in fighting for the beleaguered saver. But we need more support to help continue to raise awareness. If you haven’t already done so, please tell your friends and family as the more of us that fight for better rates, the better our chances to create change.
You can sign the petition at www.savingschampion.co.uk or forward it to a friend to join our fight, and we will keep you informed of the progress of the campaign.