Building societies consistently best for savings

Category: Consistent savings
Date: 1/26/2009

Savers searching for a home for their money that will deliver a consistently good return should be focusing their attention on building societies.

According to research from Moneyfacts, following the recent reductions in base rate, providers have been cutting interest rates by different amounts across each of their accounts, complicating the decision for savers continually looking for the best return.

But for savers who prefer a good rate of return over the longer term without the hassle of constantly changing accounts, 79% of the consistently best accounts are being offered by building societies.

While Principality BS has the most consistent products, with five of its offerings featuring highly in the survey, Sainsbury's Finance dominates in the internet savings market.

"if you are happy constantly switching your money you can get higher returns, but many savers don't have the time or inclination to keep moving accounts," said Michelle Slade, analyst at Moneyfacts.co.uk. "Once again the percentage of accounts from building societies in our consistency tables continues to increase, showing that savers shouldn't just look to the big banks for the best deals."