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These Nationwide, Lloyds and NatWest customers told to close accountsMillions of households are likely to be missing out on free cashCommentsNewsRichard Guttridge Agenda Editor08:27, 04 Jun
2025The HSF is being delivered by Bournemouth, Christchurch and Poole (BCP) Council Customers with the big banks are being advised to change their accounts if they spot a key detail.
It relates to interest rates on savings accounts with the likes of Nationwide, Lloyds, NatWest and a host of other banks.
Brits are now now being urged to check their savings rate.
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If it's lower than 2%, experts advise savers should close the account and hunt for a better one elsewhere.
Article continues below Savers who have low interest rates are missing out on hundreds of pounds they could make in returns in healthier savings accounts.
There are options available of up to 5%, so it's worth doing research for those wanting to make the most of their money.
Amy Knight, personal finance expert at NerdWallet UK, said: "Money you keep as cash is devalued by inflation – the rate at which prices increase over time.
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"The same applies to money that’s trapped in low interest accounts.
"If prices rise faster than your money grows, your spending power will diminish, making the things you want and need less affordable.
"If you’ve got money sitting in a savings account earning just 1.5%, you’re missing out on a potential £150 of interest.
"There are easy-access savings accounts currently offering around 4.5% which can help you ‘beat inflation’.
"Your money needs to earn interest faster than the inflation rate, so check your current rate and shop around.
Article continues below "Many savings accounts can be opened from your mobile phone, from a deckchair or your sofa."
