UK banks shortchanging savers with ‘measly’ rates, says Which?

Which? says consumers may be better off switching from their high street bank in order to get the most attractive savings rates. Photograph: BrianAJackson/Getty Images/iStockphoto

UK banks are paying savers “measly” rates on their cash even as the Bank of England has taken its base interest rate to the highest level in more than a decade, according to a study from the consumer group Which?.

Consumers face rates as low as 0.1% for some instant access savings accounts, Which? found.