Moneyfacts in the news 22.02.20 | moneyfacts.co.uk
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 It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 21/02/2020

The expertise of the Moneyfacts team is regularly in demand from news outlets and journalists across the national and financial spectrum, with many relying on our up-to-the-minute data and insightful quotes to inform their stories. Here are just a few places we’ve been in the news this week.

Our story on the rise in inflation and fall in saving rates was used by a number of publications this week, including The Daily Mail, The Mirror, Peer2Peer, The Guardian and Your Money. In the story, Rachel Springall, one of our savings experts, said: “Savings rates have continued on the downward spiral this month, as a lack of competition takes its toll. The top one year fixed rate bond in the market now pays 0.15% less than last month while the top five year rate pays 0.40% less.

“A year ago, savers would have found a top one year fixed bond paying 2.15%, but today not even the top five year fixed rate bond will pay this return. This could dishearten savers who may be coming off a one year fixed bond and are searching for an equivalent rate over a similar term.”

During the week, our story on the fall in average long-term fixed rates was used by several publications, including The Daily Mail and Your Money. In the story, Rachel said: “It appears that savers refrained from locking their cash away during December 2019, perhaps in favour of moving their cash where it could be accessed more immediately. Indeed, the £1.1bn flow out of interest-bearing time deposits – such as with fixed rate bonds – was the highest monthly outflow since July 2018, according to Bank of England data. This could well be attributed to market uncertainty, as £31.5bn flowed into sight deposits (such as easy access accounts) during 2019 – £3.4bn during December 2019 alone.”

As well as this, our story that was published last month on average rates being at their lowest level since 2018 was picked up by The Money Pages. In the story, Rachel said: “It will be disappointing news for savers to find out that ISA rates are deteriorating at a time when some may well be looking to take advantage of their ISA allowance in the run-up to a new tax year. Our analysis highlights the importance for both consumers and providers alike to keep a close eye on the changing market.”

Once a year, we award our star ratings, which highlight the very best products available in the market. In order to determine who we give star ratings to, we impartially assess thousands of products across 16 categories. This week, our star ratings were mentioned in a number of publications including Best Advice, Financial Reporter, Insurance Age and Verdict.

Our finance experts are often in demand, and this week they have been busy providing bespoke work and expert comment for The Daily Mail, Financial Reporter, The Mirror, Moneywise, Mortgage Introducer, Mortgage Strategy, Out News, Swindon Advertiser, The Telegraph, The Sun, The Times and Financial Times.

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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