SAVINGS IS A MUG'S GAME:

Half of current accounts do not pay interest (Myra Butterworth, Wednesday 6 October 2010, Daily Telegraph)

More than half of all current accounts no longer pay interest to customers who are in credit, according to new research.

Banks are cutting the amount of interest they pay to current account customers, with a growing number stopping the payments altogether.

A total of 55 per cent of current accounts no longer pay interest to people who are in credit, while a further 28 per cent pay a rate of just 0.1 per cent or less, according to personal finance website Moneyfacts.co.uk.

It found the average return paid on a current account is now just 0.77 per cent.