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Light at the end of the tunnel for savers

Light at the end of the tunnel for savers

Category: Savings

Updated: 24/04/2009
First Published: 24/04/2009

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 It is now over 6 months old so the content may be out of date.

It is fair to say that the past 12 months haven't been particularly kind on savers in the UK.

The plummeting base rate has bought about a savings environment where consumers have had to search high and low to find even a decent return on their hard earned funds.

There may now be some light at the end of the tunnel, however, after a string of providers announced increased rates or new products paying attractive rates this week.

In fact, improved deals have been unveiled by all of the following: The AA, Capital One Savings, Chelsea BS, Halifax, ICICI Bank UK, Julian Hodge Bank, NatWest, Northern Rock, Progressive BS, Royal Bank of Scotland, Stroud & Swindon BS and The AA.

"With base rate being kept on hold last month, savings providers have had a chance to review their positioning in the market," said Michelle Slade, analyst at Moneyfacts.co.uk

"We are now seeing those that want to increase their position offering improved terms, which is good news for savers."

Consumers can now take their pick of 35 accounts paying 4.00% and above - just two were available at the start of March. While most accounts at this rate level are two year products, West Bromwich offers a rate of 4.30% on a 13 month bond.

The variable rate market has also been boosted by a number of improvements. "Savers have received nothing but bad news of late and it looks like things have finally turned a corner," Ms Slade continued.

With Moneyfacts.co.uk you can compare savings accounts with our best buy tables while, keeping abreast of the latest releases in the industry by keeping an eye on the product news ticker.

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 Any products featured may be withdrawn by their provider or changed at any time.

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