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Five minute finance: Savings

Five minute finance: Savings

Category: Savings

Updated: 22/01/2010
First Published: 11/01/2010

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 It is now over 6 months old so the content may be out of date.
Anyone hoping for a new year goodwill gesture on savings rates from the banks and building societies is likely to be disappointed. The start of 2010 has continued where 2009 left off, with competitive fixed rates continuing to be withdrawn and replaced with reduced rates.

Since March 2009, rates rose steadily, peaking in November, but since then they have fallen quite sharply, most noticeably on longer term deals where rates have decreased by as much as 0.21pc in the last two months. Rates are already back to the level seen in the summer of 2009 and the likelihood is they will continue to fall further.

Competitive deals are still on offer, but they take a bit of effort to find. Many of the best deals require savers to open another product at the same time, be an existing customer of the provider or live within a certain area. However, if you can adhere to these restrictions they can make a real difference to the rate you receive.

Saving for Christmas 2010 starts

Christmas 2009 may only just be over, but Yorkshire Building Society has launched its new regular saver aimed at those looking to save for Christmas 2010. Its new Christmas Saver account has a 12 month term and pays a fixed rate of 3.50pc. Savers can invest up to £1,200 throughout the year as and when they choose. The account is operated in branch or by post and offers savings accounts

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 Any products featured may be withdrawn by their provider or changed at any time.

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