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Building societies take consistency crown

Building societies take consistency crown

Category: Savings

Updated: 15/07/2009
First Published: 14/07/2009

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 It is now over 6 months old so the content may be out of date.

Building societies have continued to increase their dominance of consistent savings accounts, taking 83 per cent of the top places in a survey carried out by Moneyfacts.

Despite the challenging economic conditions, building societies have increased the gap between themselves and banks when it comes to offering consumers the best returns on their money.

In the same survey two years ago, building societies took 72 per cent of the top places.

In fact, NatWest is the only high street bank to appear in the consistency charts, with its e-Savings account taking fifth place in the internet account (without bonus) over 36 months category.

The most consistent no notice accounts over 18 and 36 month tables are dominated by building societies, with the Beverley Building Society's Postal Account continuing o take top spot in both fields.

Teachers Building Society emerged as the most consistent provider, appearing in four of the charts.

"Building societies continue to increase their dominance of the savings market, with mutuals continuing to play fair with their members, offering the most consistent rates of return," said head of Moneyfacts.co.uk, Louis Kaszczak.

"The lack of presence of high street banks shows that savers need to look further afield to find the most attractive home for their money."

A selection of Moneyfacts consistency charts can be found below.

Internet savings accounts (without bonus)

Most consistent accounts over the last 18 months


Company

Account

Term

Min
Deposit

Total Interest
(Gross)

Gross % (AER)
as at 14.7.09

ICICI Bank UK

HiSAVE Savings

None

£1

£74.42

1.69% (1.70%)

Yorkshire BS

Internet Saver

Instant

£1

£70.36

2.10% (2.10%)

Newcastle BS

Net Savings Issue 7

None

£250

£69.05

1.84% (1.84%)

Birmingham Midshires

Direct Internet Savings

None

£1

£61.12

1.40% (1.40%)

Sainsbury's Finance

Internet Saver

None

£1

£57.96

0.75% (0.75%)

Saffron BS

e-saver Issue 2

None

£1,000

£55.73

0.60% (0.60%)

Based on interest earned on £1,000 in 18 months to 2 July 2009

Most consistent accounts over the last 36 months


Company

Account

Term

Min
Deposit

Total Interest
(Gross)

Gross % (AER) as at 14.7.09

Sainsbury's Finance

Internet Saver

None

£1

£147.39

0.75% (0.75%)

Nationwide BS

e-Savings

None

£1

£139.22

0.45% (0.45%)

Cahoot

Savings

None

£1

£137.63

0.50% (0.50%)

Coventry BS

NetSave Instant lll

Instant

£1

£131.35

0.50% (0.50%)

NatWest

e-Savings

None

£1

£130.09

1.09% (1.10%)

Norwich & Peterborough BS

NetmasterGold Save ll

None

£1

£129.38

0.50% (0.50%)

Based on interest earned on £1,000 in 36 months to 2 July 2009

Notice savings accounts (without bonus)


Company

Account

Term

Min
Deposit

Total Interest
(Gross)
36 months

Gross % (AER) as at 14.7.09

Beverley BS

Postal Account

None

£5,000

£1,513.77

1.65% (1.65%)

Teachers BS

Call Save

None

£1

£1,483.36

1.60% (1.60%)

Bath BS

Direct Saver

None

£2,500

£1,439.78

1.55% (1.55%)

Britannia BS

Direct Saver

None

£100

£1,386.49

0.50% (0.50%)

Chesham BS

Save Direct 2nd Issue

None

£2,500

£1,382.08

0.75% (0.75%)

Principality BS

Postal

None

£1

£1,333.92

0.50% (0.50%)

Based on interest earned on £10,000 in 36 months to 2 July 2009

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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