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Savings Accounts Fixed Rates Still Simmering, But Variable Savings Start to Hot Up and an Internet War Begins!

Personal_Finance / Savings Accounts Sep 28, 2007 - 08:37 AM GMT

By: MoneyFacts

Personal_Finance Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments: “As the fixed rate market stabilises, with the top rates available just shy of 7% and the variable market showing signs of hotting up, the tides have started to turn.


“Sainsbury’s Bank, the long standing no1 internet savings provider, was knocked off the top spot by the launch of the Bradford & Bingley Internet Saver paying an impressive 6.40%. Principality BS and Yorkshire BS are now offering more competitive deals and increased their rates by 0.10% and 0.25% respectively to 6.20%. Hot off the press, Icesave and the AA have retaliated with rates of 6.30%.

“Away from the internet market, Nottingham BS takes top position for the notice accounts increasing its rate to 6.45%. Skipton BS has increased its maximum investment limit on its Branch Access account (paying 6.10%) from £30K to £50K.

Provider
Account
Rate
Change
Principality BS e-Saver 6.20% +0.10%
Yorkshire BS Internet Saver 6.20% +0.25%
Bradford & Bingley Internet Saver 6.40% New launch
Icesave Easy Access 6.30% +0.10%
AA Internet Access 6.30% New launch
Nottingham BS Postal Tracker 60 Issue 6 6.45% +0.15%
Skipton BS Branch Access 6.10% Maximum investment increased from £30K to £50K
Moneyfacts.co.uk – the money search engine

 

“In times of base rate stability, it is more common to see rates stagnate or even fall, so it is unusual to see a trend of providers paying increased rates outside a base rate rise. With the credit crisis appearing to have rejuvenated the savings market as a by-product, savers should act fast and snap up the great deals on offer.

“Savers prepared to DIY online with internet accounts will on average be rewarded with 0.75% more than branch based accounts. But with average rates still around 4%, it is disappointing to see so many providers still offering substandard rates.

Account type
Average rate
Internet access
4.79%
Post / branch / telephone access
4.29%
Branch access
4.04%

 

“It is pleasing to see such high rates available without the lengthy list of restrictions, terms and conditions and bonuses. These internet accounts are a true example of what you see is what you get – a high rate that you don’t have to jump through hoops to get your hands on.”

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


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