Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

All Average Savings Rates Rise for the First Time in Over Seven Years

Personal_Finance / Savings Accounts Aug 20, 2018 - 03:13 PM GMT

By: MoneyFacts

Personal_Finance

Moneyfacts UK Savings Trends Treasury Report data (not yet published) highlights the savings market’s continued recovery, with all average rates increasing for the first time since February 2011.



Charlotte Nelson, Finance Expert at Moneyfacts, said:

“Many would have assumed that in the lead-up to a base rate rise, the savings market would grind to a halt as it waits for the news. However, while activity in the month slowed, the Moneyfacts UK Savings Trends Treasury Report saw all average savings rates increase for the first time in seven years.

“Not only has the market reached this milestone but the average one-year fixed rate has increased past 1.30% for the first time since February 2016, which is finally some good news for savers. Yet again, it is the newer banks that are boosting the rates on their savings accounts, with many fighting for the top spot in the Best Buy charts.

“However, the bigger banks are still yet to get involved in this price war and it will come as little surprise to savers that not a single high street bank increased rates in the month of July. This lack of desire for savers’ funds is likely to continue until something forces the hand of the main banks. Until then, rate rises in the whole market are likely to remain small.

“It will be interesting to see how the Bank of England’s latest base rate increase will affect the savings market’s upward momentum, with many savers hoping for better rates as a result. However, just like after the rate increase in November last year, providers are likely to not only be slow to react but very selective on the accounts they pass the rate rise to, and even whether they pass the full rise on.

“Early indications show that this prediction is likely to be the case, as unfortunately, the link between base rate and savings accounts had been severed a long time ago. Currently, it is difficult for savers to see there ever being a time when all rates automatically rise in line with base rate.

“With savers unlikely to see a significant base rate boost, they need to get out of the mindset that switching deals is not worth the hassle. Instead of staying with a provider for ease, savers need to actively shop around and switch to ensure they get the best possible product.”

moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, there is no commercial influence on the way moneyfacts.co.uk ranks products, showing consumers a true picture of the best products based on the criteria they select. The site also provides informative guides and covers the latest consumer finance news, as well as offering a weekly newsletter.

MoneyFacts Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in