When it comes to your savings, the old adage “If nothing changes, nothing changes” still rings true.
If you keep leaving your money where it is, you’ll keep getting the same disappointing returns – while big banks quietly profit from your loyalty.
New research by TotallyMoney and Moneycomms shows the UK’s biggest high street banks are paying savers an average of just 1.29 per cent interest on easy access accounts, despite much better deals being available elsewhere. With inflation running at 3.4 per cent, that means millions of people are effectively watching their savings shrink in real terms.
And there’s another uncomfortable truth: many of the banks offering the lowest rates are also among the biggest funders of fossil fuels and other environmentally destructive industries.
So if your money is stuck in a poor-paying account, it’s not just bad for your finances – it could also be helping to fuel climate breakdown.
Loyalty doesn’t pay
According to the latest figures, someone with the average UK savings pot of £17,365 could earn £714 a year with a top easy access account paying 4.11 per cent. But if that same saver keeps their money in a low-paying account, they would earn just £149 – a difference of £565 every year. Yet more than a third of people haven’t switched savings accounts in five years, and more than a quarter have never switched at all.
Big banks depend on this inertia. They know many customers won’t check their rates, won’t compare alternatives, and won’t move, even when it’s costing them hundreds of pounds.
The Big Five: low returns, high climate impact
The “Big Five” banks – Barclays, NatWest, HSBC, Lloyds and Santander – are paying an average of just over one per cent on easy access savings. That’s less than a third of what’s available from the best providers.
These same banks are consistently named among the world’s biggest financiers of oil, gas and coal projects. So while they offer savers some of the poorest returns on the market, they continue to pour billions into industries driving the climate crisis.
If you care about both your money and the planet, that’s a problem.
Some of the lowest-paying savings accounts
The new research highlights a number of easy access accounts offering particularly poor value. These are:
TSB – Easy Saver
1.10 per cent
Barclays – Everyday Saver
1.06 per cent
Santander – Limited Access Saver
1.00 per cent
Halifax – Everyday Saver
0.90 per cent
Lloyds Bank – Easy Saver
0.90 per cent
TSB – Save Well (one withdrawal)
0.50 per cent
Across the 20 lowest-paying easy access accounts, the average rate is just 0.86 per cent. At that level, your money is losing value in real terms. For example, £1,000 saved at 0.86 per cent earns just £8.60 a year. The same £1,000 at 4.11 per cent earns £41. Over time, that difference adds up.
You don’t have to choose between ethics and earnings
The good news is that you don’t have to sacrifice decent returns to save sustainably. Ethical banks and building societies avoid investing in fossil fuels, weapons and other harmful industries – and many now offer competitive rates.
Here are some of the top-paying UK ethical savings accounts in 2026.
Top-paying ethical easy access savings accounts
1. Leeds Building Society – Online Access Saver
3.96 per cent
Why is it ethical? As a mutual, Leeds does not invest in fossil fuels and runs all its buildings on renewable electricity. It says fairness and transparency are at the heart of its business.
2. Yorkshire Building Society – Easy Access Saver
3.9 per cent
Why is it ethical? Yorkshire is a signatory to the UN Principles for Responsible Banking and measures and reports on its environmental and social impact.
3. Zero – Planet Safe Saver
3.4 per cent
Why is it ethical? Zero is a certified B Corp focused on transparency and low environmental impact. Its GreenScore® tool helps customers reduce their carbon footprint.
4. Tandem Bank – Easy Access
3.40 per cent (with top-up rate)
Why is it ethical? Tandem guarantees that savings are not used to fund fossil fuel extraction. Instead, money supports lending for energy-efficient home improvements.
5. Nationwide Building Society – Flex Instant Saver
2.30 per cent (12 months)
As a mutual, Nationwide reinvests profits for members rather than shareholders and is less exposed to high-risk, unsustainable lending.
6. Ecology Building Society – Easy Access
2.50 per cent
Why is it ethical? Ecology uses savers’ money to fund eco-homes and green renovations. It is a Good With Money ‘Good Egg’ company.
7. Triodos Bank – Online Saver Plus
Up to 2.20 per cent
Why is it ethical? Triodos is widely regarded as the gold standard in ethical banking. It publishes every loan it makes and finances only positive-impact projects.
8. Skipton Building Society – Easy Access Saver
2.05 per cent
Why is it ethical? Skipton does not invest in fossil fuels and offsets more emissions than its operations produce.
9. Co-operative Bank – Online Saver
2.06 per cent
Why is it ethical? The Co-op has a customer-led ethical policy covering climate, labour rights and weapons, although its ownership history has raised questions in the past.
Your money is protected
Some people worry that moving away from big high street banks is risky. It isn’t. Under the Financial Services Compensation Scheme (FSCS) up to £120,000 per person is protected – whether your account is with a major bank or a small building society. So you can switch with confidence.
How to take control of your savings
If you’re not sure what rate you’re getting:
- Check your banking app
- Look at your latest statement
- Search your provider’s website
It takes mere minutes – and could earn you hundreds of pounds a year.
Before switching, always check:
- Withdrawal limits
- Temporary “bonus” rates
- Any penalties in the small print
Some “easy access” accounts reduce your rate if you make too many withdrawals.
A powerful money move
If your savings are earning less than inflation, you’re going backwards. If they’re sitting with banks that underpay savers and overfund fossil fuels, you’re paying twice.
Switching is one of the easiest financial changes you can make, and one of the most powerful.
It’s better for your wallet.
Better for your values.
And better for the planet.
And remember: if you don’t need your savings for at least five years, investing may offer higher long-term returns – although your capital is at risk.
