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Building Societies Hold on to Savings Interest Rates Consistency Crown

Personal_Finance / Savings Accounts Oct 21, 2009 - 01:00 PM GMT

By: MoneyFacts

Personal_Finance

Best Financial Markets Analysis ArticleOctober 2009’s Moneyfacts Consistency Survey has once again seen building societies dominating the results. Today, building societies offer customers 77% of the most consistent savings accounts in the marketplace.


Key points of the October 2009 Moneyfacts Consistency Survey: 

  • 77% of the most consistent savings accounts are offered by building societies
  • Birmingham Midshires and Bath Building Society have the most consistent products, with four products each in the consistency tables.
  • Bimingham Midshires also is the most consistent internet savings provider, with three products featuring in the tables.

Louise Holmes, spokesperson at Moneyfacts.co.uk commented: “Once again, building societies have come out on top in the Moneyfacts Consistency tables.

“Savers have experienced a tough time recently and have found it difficult to find or rely on an account paying a consistently good rate. Many building societies appear to be listening to customer’s needs by keeping rates at consistent levels.

“While some savers are happy to move their funds to achieve higher returns, many don’t have enough time or simply do not want to keep moving accounts. These findings prove that savers feel most comfortable placing their hard-earned cash in an account that continues to pay a consistently good rate of interest, rather than one where a top rate is paid one minute and withdrawn the next.”

Cash ISA

Most consistent accounts over the last 18 months

 

Company

Account

Term

Min

Deposit

Total Interest

Gross % (AER)

 as at 1.10.09

Earl Shilton BS

90 Day Cash ISA

90 Day

£10

£181.21

2.45% (2.45%)

 

Principality BS

e-ISA

None

£1

£178.67

1.80% (1.80%)

 

Standard Life Bank

Direct Access ISA

None

£1

£176.84

2.65% (2.65%)

Harpenden BS

Simply ISA

Instant

£1

£175.54

2.25% (2.25%)

 

Monmouthshire BS

 

Cash ISA

Issue 2

30 Day

£10

£174.57

2.50% (2.50%)

Newbury BS

Notice Cash ISA

60 Day

£50

£171.34

2.10% (2.10%)

* = Introductory rate for a minimum of 6 months.

Based on interest earned on £3,000 in 18 months to 1 October 2009

 

Most consistent accounts over the last 36 months

 

Company

Account

Term

Min

Deposit

Total Interest

Gross % (AER)

as at 1.10.09

Earl Shilton BS

 

90 Day Cash ISA

90 Day

£10

£453.06

2.45% (2.45%)

Kent Reliance BS

 

Direct Cash ISA

None

£1

£448.00

1.42% (1.42%)

Monmouthshire BS

 

Cash ISA

 Issue 2

30 Day

£10

£447.05

2.50% (2.50%)

Yorkshire BS

 

e-ISA

None

£10

£445.31

1.90% (1.90%)

Leek United BS

 

Instant Access Cash ISA

Instant

£1

£438.99

2.00% (2.00%)

Standard Life Bank

Direct Access ISA

None

£1

£437.32

2.65% (2.65%)

 

Based on interest earned on £3,000 in 36 months to 1 October 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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