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In a week where challenger bank Marcus by Goldman Sachs® made headlines by re-entering the easy access savings chart with its Online Savings Account, challenger banks continue to dominate the savings charts. In fact, our research has found that challenger banks offer the highest average rates in both the easy access savings account and fixed rate bond charts, meaning that savers who have stayed with a high street bank may likely be missing out on the best rates.
Average easy access rates
For example, the average rate being offered by a challenger bank on an easy access saving account was 0.39% AER on the 1 January 2021, this compares to an average rate of just 0.15% AER being offered by high street banks on the same day. This means that a saver who had put £5,000 into a high street savings account, for example, would get an average return of £7.50 per year, whereas those who had put their savings into a challenger bank would get an average of £19.50 per year. Meanwhile, the average rate being offered by building societies on the 1 January 2021 was 0.19% AER, which would result in a saver depositing £5,000 earning £9.50 per year.