Some British bank accounts paying only 0.01pc interest

LONDON: Some bank savings accounts in Britain are paying customers as little as 0.01 percent interest, the Financial Conduct Authority said on Monday as it published a report on the lowest rates offered by 32 providers.

Some consumers would do better to switch to a new provider offering a better rate but were unaware how little they were earning from their savings, the FCA said.

The Bank of England's benchmark interest rate stands at 0.5 percent.