Investment Comparison - Savings Account Returns
The table below summarises data from 448 of the best known variable rate savings accounts in the UK. The underlying information was obtained in November 2010 from the excellent “Which Savings Account Comparison Tool”. http://www.which.co.uk/money/savings-and-investments/reviews/savings-accounts/savings-finder http://www.which.co.uk Note that only accounts that have been designated for saving are included, ‘current accounts’ are excluded.
A number of points become clear:
- Many accounts are advertised using figures that include generous initial bonus rates. The rate paid after the initial introductory period is normally considerably lower than the advertised rate.
- Over half of the savings accounts listed pay less than 0.25% gross (before tax) per annum.
- As of November 2010, the average gross rate of interest offered across all the surveyed accounts was 0.69% or in other words 69 pence per year for each £100 invested. UK tax payers would normally have to pay tax at the appropriate rate on this interest.
It is assumed that more savers will be attracted to the more remunerative accounts. So the actual UK interest paid on savings accounts will likely be above the average rate being offered. Please note that Geo Green Power are not financial advisors and are not in a position to offer financial planning or tax advice. However we do take the opportunity to present public domain information and give an indicative view of the approximate levels of return available from some basic kinds of investment. On the basis of the foregoing information we consider it reasonable to depict graphically a typical net return from UK savings accounts as 0.7% per annum.
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