A new instant access savings account has been launched by the AA.
The account offers investors 5.31 per cent AER for the first year, with no-notice and an initial investment of just £1.
"Despite the range of high interest-paying accounts now available, most people still look to high-street banks as their first choice for savings - yet in many cases, the interest they earn is so poor they actually lose money," said director of AA personal finance, Lloyd East.
The AA also revealed that two-thirds of savers claim they would switch their savings account if they thought they were getting a bad deal.
"The new AA Internet account will be very attractive to those who realise their present savings are being eroded and we believe it will particularly appeal to younger internet-savvy savers," Mr East added.To check out more online savings accounts, click here.
© DeHavilland Information Services plc