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Building societies best for consistent interest rates

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by David Masters
Building societies best for consistent interest rates

Buildings societies offer the most consistent interest rate on savings accounts, new research has revealed.

A study by Moneyfacts.co.uk found that 79% of the most consistent savings account interest rates are at building societies, rather than banks.

Since the Bank of England started cutting interest rates in December 2007 – and especially since the recent heavy rate cuts – savers have seen returns on their investments drop significantly.

Moneyfacts.co.uk analysts Michelle Slade, said: “Savers are really having a difficult time at the moment, particularly those that rely on the income from their savings as their main source of income.

“With so many changes to rates going on in the market, it is difficult to know where to move your money to.”

The research aims to help those who want a good return on their savings without constantly having to search for the best deal.

“If you are happy constantly switching your money then you can get higher returns, but many savers don’t have the time or inclination to keep moving accounts,” said Slade.

Sainsbury’s Finance was found to be the most consistent internet-based account provider, whilst Principality is the most consistent of the high street building societies.

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News posted: January 28, 2009

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