A new banking service focused on savings accounts is due to be launched in the UK, it has been revealed.
Savingschampion.co.uk is a company that only deals in savings for savers but provides assistance through online access and phone calls.
The service has been launched to try and help rescue the nation's savers from the poor rates of interest on offer at the moment. In fact, a survey conducted by the firm revealed that around 32 per cent of savings accounts in Britain are paying less than the Bank of England's 0.5 per cent interest rate, with 22 per cent paying 0.10 per cent or less on at least one or all tiers.
Anna Bowes, director of savingschampion.co.uk, observed that it is important that people save some money in the form of cash but with the current level of high inflation and the low interest rate environment, savings providers are not making things easy.
She advised that the website's Rate Tracker “will give savers the knowledge and therefore the power to help them make the most of their money”.
The service provides the chance to “give your savings account an MOT” by checking the current returns and seeing if there is something better available on the market today.
