Mar 6 2006
Greater consistency is needed among banks and building societies so that attractive saving rates are offered to consumers, according to a new report.
Sainsbury's study found that only 29 (23 per cent) of the banks and building societies questioned offered 3.25 per cent or more on their interest accounts.
On top of this, 92 banks and building societies had accounts, which paid less than three per interest while 84 had accounts with returns of less than two per cent.
Pauline White, Sainsbury's Bank spokeswomen, said: "We believe that one of the biggest challenges facing the savings industry is to ensure that all those with accounts receive consistently fair and attractive returns.
"We are convinced that if people felt confident of receiving this, they would save more."
She added that up until this point, savers should be aware of the interest rate they are receiving on their savings and also be prepared to switch accounts if the need arises.
Sainsbury's Bank has a competitive range of savings accounts.
