Over half of Moneywise users play the banks to boost savings

Current account ping pong

Over half (58%) of Moneywise.co.uk users play ‘current account ping-pong’ to boost their savings rates, our latest poll results reveal. 

Bank and building society current accounts have proven a winner for cash savers over the past year, typically offering higher interest rates than traditional savings accounts and tax-free individual savings accounts (Isas).

 

And the findings of our latest poll reveal that 58% of the 1,113 who voted use more than one current account simultaneously to boost savings through high interest rates and joining bonuses. The phrase “ping-pong” refers to people batting cash between each account to ensure they meet the minimum pay-in that most banks require to access these deals.

A further 6% of those who voted add that this is a method they’re going to take up in 2017 in a bid to boost cash returns.

But current account providers have scaled back deals of late, after the Base Rate was cut from 0.5% to 0.25% last August, and 8% of those who voted say that while they’ve played current account ping-pong in the past, this isn’t something they’re going to continue with in 2017 due to falling rates.

Meanwhile, a quarter of those who voted (25%) said the system isn’t for them, as they believe it’s too complicated or time consuming to organise. 

Another 3% selected the ‘Other’ option, with some saying they’re happy with the one account they have due to the high interest rates or good customer service already on offer.

See the pie chart below for the full findings (click to enlarge).

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