Brief

UK savings platforms offer higher rates, but many savers miss out

A new guide shows how savings platforms can help UK savers earn more, yet research suggests a large portion of money remains in low‑rate accounts.

By Felo News Desk · Published Tue, 29 Sep 2026 10:34:42 GMT

According to a recent guide by This is Money, savings platforms let users compare and allocate funds across multiple providers from a single login. The article notes that around £338 billion is held in 51.3 million accounts earning 1.5 % or less, and that platforms can help move money into higher‑yield accounts run by challenger banks such as Aldermore, Shawbrook and Zopa.

Platforms typically charge no fees and offer sign‑up bonuses, for example Hargreaves Lansdown and Raisin UK sometimes give cashback when a certain amount is deposited. The guide advises that platforms are useful for those who do not regularly shop for the best rates or who keep cash in current accounts, but are less suitable for savers who already track rates closely or who want the absolute best rates at any moment.

Key facts

• £338 billion is held in 51.3 million UK savings accounts earning 1.5 % or less (dailymail.co.uk)
• Savings platforms allow users to compare rates from multiple providers via a single login (dailymail.co.uk)
• Platforms typically charge no fees and may offer sign‑up bonuses such as cashback (dailymail.co.uk)

Sources

• [1] dailymail.co.uk — originally reported as “Savings platforms can maximise your interest but how do they work?”