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Building Societies Continue to Beat Banks in Cash ISA and Savings Interest Rates Consistency

Personal_Finance / Savings Accounts Apr 15, 2009 - 11:25 AM GMT

By: MoneyFacts

Personal_Finance Best Financial Markets Analysis ArticleBuilding societies retain consistency crown - Building societies once again reign supreme, taking 77% of the top spots in the Moneyfacts consistency survey. The string of consecutive base rate cuts has resulted in lower returns for savers and the majority of the most consistent returns are provided by the same providers.


Moneyfacts consistency survey April 2009:

  • Bath BS, Halifax, Principality BS and Teachers BS take the title of most consistent providers
  • Sainsbury’s Finance’s Internet Saver continues to be the most consistent internet account
  • Beverley BS Postal Account retains the title of most consistent no notice account over both 18 and 36 months

See below for full consistency details.

Michelle Slade, analyst at Moneyfacts.co.uk, commented:

“Many savers don’t have the time or inclination to keep switching between accounts to secure best buy rates. Instead they look for an account offering a competitive rate of interest which is maintained despite market movements.  

“With so many changes in the market recently, consistency has become more important than ever with many accounts paying best buy rates one minute but gone the next.

“Taking more than three quarters of the top spots, building societies once again increase their dominance in the Moneyfacts consistency survey. Savers looking to make the most of their money shouldn’t just look to their bank for their savings needs.

“It is encouraging to see the Halifax doubling its presence to become one of the most consistent providers, as no other high street bank features in the top spots.

“Sainsbury’s Finance continues its dominance of the internet savings market, with its Internet Saver taking top spot for the fifth quarter running.

“With base rate at an all time low, it is inevitable that savers are seeing lower returns than this time last year, but by putting in a small amount of work to find the best home for your money, you could avoid being hit so harshly.”

Cash ISA

Most consistent accounts over the last 18 months

Company Account Term Min
Deposit
Total Interest Gross % (AER)
as at 6.4.09
Tipton & Coseley BS Premier ISA 30 Day £3600 £260.57 2.00%* (1.87%)
Principality BS e-ISA None £1 £243.07 1.80% (1.80%)
Kent Reliance BS Direct Cash ISA None £1 £237.51 1.42% (1.42%)
Earl Shilton BS 90 Day Cash ISA 90 Day £10 £232.94 1.95% (1.95%)
Yorkshire BS e-ISA None £10 £230.58 1.90% (1.90%)
Saffron BS 180 Day ISA Issue 2 180 Day £1,000 £228.53 1.05% (1.05%)
* = Introductory rate for a minimum of 6 months. Based on interest earned on £3,000 in 18 months to 6 April 2009Most consistent accounts over the last 36 months
Company Account Term Min
Deposit
Total Interest Gross % (AER)
as at 6.4.09
Tipton & Coseley BS Premier ISA 30 Day £3600 £522.36 2.00%* (1.87%)
Kent Reliance BS Direct Cash ISA None £1 £505.40 1.42% (1.42%)
Yorkshire BS e-ISA None £10 £493.78 1.90% (1.90%)
National Savings & Investments Direct ISA None £100 £493.19 1.30% (1.30%)
Earl Shilton BS 90 Day Cash ISA 90 Day £10 £491.20 1.95% (1.95%)
Leek United BS Cash ISA Instant £1 £484.44 2.00% (2.00%)
Based on interest earned on £3,000 in 36 months to 6 April 2009

Internet savings accounts (without bonus)

Most consistent accounts over the last 18 months

Company Account Term Min
Deposit

Total Interest
(Gross)

Gross % (AER)
as at 6.4.09

ICICI Bank UK HiSAVE Savings None £1

£84.94

2.43% (2.46%)

Yorkshire BS Internet Saver Instant £1

£80.68

2.10% (2.10%)

Principality BS e-SAVER None £1

£80.36

1.65% (1.65%)

Birmingham Midshires Direct Internet Savings None £1

£72.65

1.40% (1.40%)

Sainsbury’s Finance Internet Saver None £1

£71.50

0.75% (0.75%)

Saffron BS e-saver Issue 2 None £1,000

£69.02

0.60% (0.60%)

Based on interest earned on £1,000 in 18 months to 6 April 2009

Most consistent accounts over the last 36 months

Company Account Term Min
Deposit
Total Interest
(Gross)
Gross % (AER)
as at 6.4.09
Sainsbury’s Finance Internet Saver None £1 £158.01 0.75% (0.75%)
Nationwide BS e-Savings None £1 £149.88 0.45% (0.45%)
Coventry BS NetSave Instant lll Instant £1 £142.08 0.50% (0.50%)
Norwich & Peterborough BS NetmasterGold Save ll None £1 £139.59 0.50% (0.50%)
Halifax     Web Saver None £5,000 £134.38 0.15% (0.15%)
Halifax     Web Saver Cash Card Instant £10 £132.82 0.25% (0.25%)
Based on interest earned on £1,000 in 36 months to 6 April 2009

No Notice savings accounts (without bonus)

Most consistent accounts over the last 18 months
Company Account Term Min
Deposit
Total Interest
(Gross)
18 months
Gross % (AER)
as at 6.4.09
Beverley BS Postal Account None £5,000 £756.02 1.65% (1.65%)
Teachers BS Call Save None £1 £732.29 1.60% (1.60%)
Birmingham Midshires Direct Telephone Savings None £1 £726.44 1.40% (1.40%)
Bath BS Direct Saver None £2,500 £703.10 1.70% (1.70%)
Stroud & Swindon BS Premium Reward Issue 2 Instant £5,000 £675.32 0.50% (0.50%)
Derbyshire BS EasySave Tracker Issue 2 None £100 £674.55 0.50% (0.50%)

Based on interest earned on £10,000 in 18 months to 6 April 2009

Most consistent accounts over the last 36 months

Company Account Term Min
Deposit
Total Interest
(Gross)
36 months
Gross % (AER) as at 6.4.09
Beverley BS Postal Account None £5,000 £1,591.55 1.65% (1.65%)
Teachers BS Call Save None £1 £1,563.60 1.60% (1.60%)
Bath BS Direct Saver None £2,500 £1,515.97 1.70% (1.70%)
Britannia BS Direct Saver None £100 £1,491.78 0.50% (0.50%)
Chesham BS Save Direct 2nd Issue None £2,500 £1,481.17 0.75% (0.75%)
Principality BS Postal None £1 £1,441.44 0.50% (0.50%)
Based on interest earned on £10,000 in 36 months to 6 April 2009

Notice savings accounts (without bonus)

Most consistent accounts over the last 18 months
Company Account Term Min
Deposit
Total Interest Gross % (AER) as at 6.4.09
Chesham BS Save Direct 90 90 Day £10,000 £747.73 1.25% (1.25%)
Teachers BS Minster 90 Plus 90 Day £5,000 £684.01 1.00% (1.00%)
National Counties BS Direct 90 Notice 90 Day £5,000 £678.25 1.41% (1.41%)
Halifax Extra Income Saver 90 Day £5,000 £665.68 0.25% (0.25%)
Buckinghamshire BS Chiltern Gold Notice 90 90 Day £100 £661.70 1.15% (1.15%)
Bath BS Lifestyle 60 60 Day £5,000 £656.89 1.35% (1.35%)

Based on interest earned on £10,000 in 18 months to 1 January 2009

Most consistent accounts over the last 36 months

Company Account Term Min
Deposit
Total Interest Gross % (AER)
as at 6.4.09
Teachers BS Minster 90 Plus 90 Day £5,000 £1,481.00 1.00% (1.00%)
National Counties BS Direct 90 Notice 90 Day £5,000 £1,459.38 1.41% (1.41%)
Halifax Extra Income Saver 90 Day £5,000 £1,458.50 0.25% (0.25%)
Buckinghamshire BS  Chiltern Gold Notice 90 90 Day £100 £1,429.56 1.15% (1.15%)
Bath BS Lifestyle 60 60 Day £5,000 £1,422.84 1.35% (1.35%)
Principality BS Monthly Income Issue 2 60 Day £1 £1,417.91 0.40% (0.40%)

Based on interest earned on £10,000 in 36 months to 6 April 2009

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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