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Saving rates down – Bank of England

Saving rates down – Bank of England

Category: Savings

Updated: 10/03/2009
First Published: 10/03/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Figures from the Bank of England suggest that the average interest rate for savers who require instant access to their money is close to zero per cent.

While mortgage customers with tracker products have seen their outgoings dramatically decrease, savers have had to endure the return on their savings drop to an average of 0.17 per cent in February, according to the Bank.

The average rate on instant access accounts stood at 2.69 per cent 12 months ago.

Consumers should still shop around, however, as competitive products are still available. The Bank's figures discount internet based rates and are only representative of the largest lenders.

By searching online for rates and finding out what the smaller lenders have to offer - building societies' products make up 63 per cent of Moneyfacts' best buy tables - consumers can still secure more bang for their instantly accessible buck.

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