Savers need to compare rates to find best value

Savers have to look around and compare rates carefully. All four of the big banks cut their at-call savings deposit rates in January 2014. Twelve smaller institutions also cut deposit rates.

In 2014 the average bonus saver rate fell by 0.17 percentage points. Big bank rates fell by 0.34 percentage points.

Savers can still get good value for their deposits, but shopping around is vital.

Source: Banking Day

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