Consistent Savings Accounts Key Factors

Category: Consistent savings
Date: 12/1/2008

Consistent Savings

What are Consistent Savings

• Consistent savings allow you to save regularly in the knowledge that you will achieve a competitive interest rate over time. They aren't the type of products which have a great initial rate to attract savers, which then reduces.
• Just about any type of account can have a consistent interest rate, such as notice accounts, no notice accounts, internet accounts and cash ISAs
• Moneyfacts.co.uk regularly surveys the savings market so you can choose the most consistent savings accounts. We measure these accounts over 18 and 36 months so you can get a good idea of what rates have been paid over those time periods.
• Our survey covers savings products both with and without interest bonuses.

Who are they Suitable For?

• If you want to make sure you are getting a good savings rate over a period of time, but don't have the time to constantly go in search of the best rate available, our consistent savings survey will help you identify suitable products.

What to Look Out For

• Consistent savings accounts are great for making sure you're getting a competitive interest rate, but the rates won't be the absolute best in the market at any one time. If you want that, you'll have to regularly search around and move your money about.
• With any financial services product, the past may not be reflected in future performance so rates will differ over time, and firms may become less competitive.
• As they are basically just normal types of accounts which have their interest rates set at a consistently competitive level, the normal considerations apply when choosing the accounts.Check out our series of savings guides for more information

What to do next

Take a look at Key Factors to Consider when choosing a savings plan, so you can go in knowing what you're looking for.

Then compare savings accounts with our best buy tables or product searches

Moneyfacts.co.uk has also put together a range of savings guides if you are looking around for other types of savings plan.