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Savings rates continue to tumble

Savings rates continue to tumble

Category: Savings

Updated: 07/01/2009
First Published: 06/01/2009

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 It is now over 6 months old so the content may be out of date.

The nation's mortgage borrowers may be holding their breath to see if the interest rates are about to drop again this Thursday but savers must be ready for decisive action if last month's rate cut is anything to go by.

In the month following the December rate reduction, a whopping 77% of providers reduced their savings rates, most by the full cut, some by even more, taking the average savings rate on a no-notice account (with a £5K balance) to just 1.48%.

What does this mean to us? It means it is time to shop around for the best savings rate - there are some good ones out there. For instance, Anglo Irish Bank is offering 4.55% on an instant access account. But if you prefer a fixed rate or a tax efficient account we have them all on our savings pages, putting you back in control of your money, regardless of what the Bank of England decide.

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 Any products featured may be withdrawn by their provider or changed at any time.

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