Fairer Finance Recognizes Consistent Rates and Value for Savers

Barclays Bank Rainy Day Saver Tops Best Buy Table for Instant Access Accounts

Barclays Bank's Rainy Day Saver account has been recognized as a top choice for savers with balances of £3,000 or less. The account, offering a competitive interest rate of 5.1%, received a five-star rating from the independent consumer group Fairer Finance.

Fairer Finance's new rating system focuses on consistency and longevity of interest rates, rather than solely prioritizing headline offers. This approach aims to provide consumers with a clearer picture of which accounts offer consistently competitive returns, instead of those that attract savers with high initial rates that later drop.

"Many banks rely on a ‘bait and switch’ approach, offering high introductory rates on easy access savings accounts before quietly cutting them later. Our new ratings are designed to reward the highest-performing savings accounts based on consistent rates over a 24-month period. This will help consumers identify the accounts that have a track record of offering good value, giving them more confidence that they won’t be penalized for their loyalty.”

Fairer Finance compares an account's interest rate to the Bank of England base rate over the last 24 months. The higher and more consistent the rate, the better the score. Only the top 10% of accounts are eligible for a five-star rating.

Accounts must be covered by the Financial Services Compensation Scheme (FSCS) to qualify.

This new rating system from Fairer Finance provides valuable information for savers looking for reliable and consistent returns on their instant access accounts.