Savers could be missing out on savings rates 2,500pc higher than they’re currently getting by sticking with the banks they know.
A number of little-known banks have been creeping into the best buy tables since the summer of 2015 when a flood of online-only providers entered the market.
Some of them are offering rates over 20 times more than the high street.
For example, HSBC’s easy-access account pays just 0.05pc. RCI Bank, an online bank owned by Renault, the French car manufacturer, has a comparable Freedom Savings account that pays a top rate of 1.3pc – 2,500pc or 26 times more.
Savings of £25,000 stashed in RCI Bank’s account would yield £325 in a year, or £12.50 with HSBC.