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Building societies retain consistency crown

Building societies retain consistency crown

Category: Savings

Updated: 16/04/2009
First Published: 16/04/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
A consistency survey conducted by Moneyfacts has found that savers are more likely to get the best returns on the funds by banking with building societies.

Against a backdrop of a plummeting base rate, which has fallen to a record low of 0.5%, consumers are finding it increasingly difficult to find accounts that offer a decent rate of interest on their money.

The Moneyfacts consistency survey April 2009 found that Bath BS, Principality BS and Teachers BS are the most consistent providers, while Sainsbury's Finance's Internet Saver is the most consistent internet account.

Furthermore, Beverley BS's Postal Account has retained the title of the most consistent no notice account over both 18 and 36 months.

"Many savers don't have the time or inclination to keep switching between accounts to secure best buy rates," said Michelle Slade, analyst at Moneyfacts.co.uk.

"Instead they look for an account offering a competitive rate of interest which is maintained despite market movements.

"Taking more than three quarters of the top spots, building societies once again increase their dominance in the Moneyfacts consistency survey. Savers looking to make the most of their money shouldn't just look to their bank for their savings needs."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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