Building societies offer most consistent accounts

Category: Savings
Date: 1/20/2010

Savers searching for stability in the rate on offer from their savings accounts should turn to the accounts available from building societies, new research from Moneyfacts.co.uk has revealed

In the first Moneyfacts Consistency Survey of 2010, almost three quarters (72.5%) of the most consistent savings accounts were found to be offered by building societies.

National Counties Building Society was found to have the most consistent products, with five accounts featuring in the tables, while Bath Building Society, Leeds Building Society, Teachers Building Society and Yorkshire Building Society followed closely behind, with four products each.

The best performing bank was Halifax with four consistent products.

Louise Holmes, spokesperson at Moneyfacts Group, said that savers would rather invest their money in an account that continues to pay a competitive rate of interest, rather than one where top rates are paid one minute and are gone the next.

"Many savers simply do not have the time or inclination to trawl the market looking for the best account, and certainly do not wish to keep moving their money around to achieve a slightly better rate of return," she added.

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