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Most UK Savings Accounts Interest Rates Between 0.80% and 3.04%

Personal_Finance / Savings Accounts Aug 04, 2009 - 03:58 AM GMT

By: MoneyFacts

Personal_Finance

The latest issue of the monthly Moneyfacts Treasury Report on UK Savings Trends has given additional insight into how providers have no alternatives but to secure business by offering savings rates well over base rate.


Of the 2,265 savings accounts available at the end of June, 55.3% had interest rates paying over the Bank of England Base Rate of 0.50%.

The period of preferred accessibility continues to be the biggest driver of returns for savers, as the average no notice rate hovered around 0.80%, while the average one year fixed rates paid 3.04%.  

Darren Cook, analyst contributing to the Moneyfacts Treasury Reports commented:

“We witnessed a net increase of 34 new accounts to the savings market for the month of June, 32 of which paid interest in excess of the official interest rate.

“Providers are asking their savers to commit their money for a much longer period, and the only way they can do this is by offering premium rates in return.

“The savings report confirms that the average long term fixed rate is 3.51%, which is one the contributing factors why we are seeing higher mortgage rates for new borrowers.”  

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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