A CEO has called out banks who entice new customers with high interest rates only to slash them once introductory offers are over. Wealthify's CEO Richard Ambrose has urged Brits to think carefully about where they save their cash and to make sure they avoid falling-foul of promotional offers that end up far less impressive than they first seem. The financial boss suggested Wealthify’s Instant Access Savings Account as a great example of one which offers a steady, competitive interest rate that isn't going to drop dramatically after an arbitrary cut-off point.
“Wealthify’s Instant Access Savings Account, powered by our partner Clearbank, offers a competitive interest rate that tracks at 0.45% below the Bank of England’s base rate. We don’t mess customers around by dropping the rate sharply after an introductory period like many companies do," Mr Ambrose said.
“This means that customers can feel comfortable that they are getting a consistently good deal without having to constantly shop around. “In the Financial Conduct Authority’s latest savings market review, the average rate paid on Instant and Easy Access savings accounts was 1.99% — well below the Bank of England’s base rate, which at the time was 5.
25%. Millions of Brits have been missing out by sticking with low- interest accounts. In fact, Wealthify found that 16 million Brits have never switched their savings account provider, a move which has cost them each up to £426 per year.
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