Households with £10,000 in bank account risk losing more than £300

Households in the UK with £10,000 in savings are being urged to review where their money is held, warning that poor-paying accounts could cost them more than £300. The concern comes as some major banks pay as little as 0.75%, while top building society accounts offer up to 4.50%. Using Moneyfactscompare.co.uk figures, £10,000 in a typical big-bank easy-access account would earn about £116 interest over 12 months, versus £422 in a leading building society account. After allowing for inflation, the big-bank option could mean £194 less value, while the higher-rate option would still leave savers about £112 better off. Analysts cite UK Savings Week as a timely trigger.