Spotlight On: M&S everyday savings

The deal

Everyday Savings is the retailer's mainstream savings account, offered through its branches across the country and online.

Good points

The account is easy to open with just £1 and offers penalty-free withdrawals.

Bad points

The interest rate on the account has just fallen from 2.35 per cent to 1.35 per cent and M&S warned this week it will fall by another 1 per cent to a dreadful 0.35 per cent in April.

Conclusion

Savers are being taken for fools by M&S. When the rate falls in April no one should stick with such a paltry payout on their savings. But to be fair to M&S, most other savings institutions use similar shabby tricks to leave people in useless accounts. Whoever you're with, it's a timely reminder to check your rate and switch.