Vote in our poll: Would you trust a top savings deal from an unknown bank?

19 June 2020

We want to know if rate trumps familiarity for our readers - let us know 

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Savers are currently faced with a dilemma. Interest rates on savings deals are incredibly low, but many of the best products are from little-known brands rather than high-street names.

This has happened because banks have become increasingly cautious about their profits due to economic pressures and Bank of England cuts to base rate.

Not wanting to be flooded with savers and end up owing more money than they can afford, banks have been steadily cutting rates.

Few large banks now feature in the best buy tables, but smaller banks have seized the opportunity to grab some of their market share with attractive deals.

The Financial Services Compensation Scheme guarantees you will get up to £85,000 back if a savings provider goes bust.

But would you still avoid entrusting your hard-earned money to an unknown bank paying a top rate and instead pick a household name bank that paid less? 

Vote in our poll so Moneywise can judge savers' mood on this crucial topic.

 

 

 

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