UK savings rates are tumbling – what can you do? | Savings


Things are going from bad to worse for savers. A few days ago the Bank of England reported that interest rates were continuing to fall “to new historically low levels” and providers are still sending out letters to customers telling them that returns are being hacked.

That isn’t only causing frustration among those who rely on their savings for income or are trying to build up a nest egg – it is also tempting people to take extra risks and play into the hands of scammers. “Consumers looking around for more attractive savings rates is a fraudster’s dream,” Gareth Shaw, the head of money at the consumer group Which?, told Guardian Money this week. “With more people moving online to work, shop and bank since the start of the pandemic, and the ease in which scammers can post fraudulent content to attract would-be investors, consumers are at significant risk from this growing crime.”

Even the most competitive fixed…

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