It hasn't been a good few years for the savings market. Rates have been on a seemingly permanent downward spiral with no end in sight, but just why are they falling so low? It's a question many savers are asking themselves, particularly with our latest figures showing that average rates have plunged to record lows once again, so we thought we'd take a look at a few reasons why this might be happening.
As you can see, there's no hard and fast answer as to why rates have fallen to such an extent, but rather it's a combination of several factors that are exerting their own influence. Individually they may not have such an impact, but together they've created a perfect storm that has caused rates to plummet, and until proper stability returns to the market, this pattern unfortunately looks set to continue.
Rates may be falling, but that makes it more important than ever to stay on the ball. If you're not getting the kind of rate you want, compare the top accounts to make your money work as hard as possible.
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 Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.