Despite the news today that manufacturing in the UK has dipped in October, for many businesses, it still "feels" better than it did a year ago............we have seen lending freed up and an increased amount of investment into fast growing businesses, particularly in the tech sector, but nonetheless, traditional cash savings are still not well catered for - and the FCA is now naming and shaming! Whilst other higher rate savings accounts are available, it does show why investors are looking for better returns in the property markets and more entrepreneurial zone of angel investment.
The Financial Conduct Authority (FCA) published a name-and-shame list, as part of its review of the savings market.Six organisations, including HSBC, offer rates on cash of 0.05% or less, even before tax is taken into account.A further six banks or building societies, including Santander, offer rates as low as 0.1%.The FCA pointed out that the institutions named do offer higher returns on other accounts, and urged savers to switch to better deals. The return on cash accounts available in-branch was the poorest, followed by Individual Savings Accounts (Isas) in-branch. Poorest returns on cash savings accounts Danske Bank 0.01% Progressive Building Society 0.01% Ulster Bank (RBS) 0.01% HSBC 0.05% First Trust Bank 0.05% First Direct 0.05%