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 M&S Bank reducing the rate on its 5% regular savings account was used in a number of publications, including the Daily Mail, Moneywise, The Sun, Your Money and the Financial Times. Commenting on the rate reduction, Rachel Springall, our financial expert, said: “Savings rates have been on a downward trend this year and this hasn’t escaped the attention of the regular savings account market, which isn’t usually very volatile. Providers are uncomfortable offering lucrative interest rates to savers, including guaranteed fixed interest rates applied on regular savings accounts.”
During the week, our coverage on the fact that fixed rate bonds are at their lowest levels since 2017 was picked up by several publications including the Daily Mail, Your Money, The Times and This is Money. Commenting on the fall in fixed savings rates, Rachel said: “It will be disappointing news for savers to find the positive impact of both competition among challenger banks and two base rate rises over the past two years has unravelled in such a short space of time. Indeed, this year both the longer-term fixed bond and ISA average rates hit their highest peak since the 2017 base rate rise. In March 2019, the longer-term fixed bond rate hit 1.89%, and the average longer-term fixed ISA rate had reached 1.62%, meaning they have dropped by 0.35% and 0.27% respectively over the past eight months.”
As well as this, the launch of a new consumer demand data tool was covered by Mortgage Introducer and Mortgage Strategy. Commenting on the launch of the product, Darren Cook, one of our finance experts, said: “The latest update to our Residential Mortgage Analyser is another innovation that combines accurate industry data with the ability to perform smart mortgage product market analysis.”
In addition to this, our weekly average rates were used by Mortgage Solutions, Mortgage Strategy and Your Mortgage this week. Meanwhile our Pick of the Week was used by Mortgage Introducer, including a comment by Rachel about a five year fixed rate deal from Chelsea Building Society: “The deal charges a rate of 3.55% over the five years and while it may not be the lowest priced in the market, it does come with an incentive free valuation and charges a product fee of £495 that can be added to the mortgage advance.”
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.