Tag: savings accounts

Savers dig deep to fund Christmas

Savers dig deep to fund Christmas

New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings […]

December 18, 2012 More
Moneyfacts reports fall in number of savings accounts

Moneyfacts reports fall in number of savings accounts

The Funding for Lending Scheme (FLS), launched by the Bank of England and the Treasury this summer, has caused a sharp fall in the number of accounts available for savers, according to Moneyfacts, a leading provider of personal finance data. FLS is designed to increase the availability of mortgages and business loans by providing banks […]

December 12, 2012 More
Accounts failing to inflation-proof savings

Accounts failing to inflation-proof savings

Research by comparison site Moneyfacts has found that there is not one single savings account currently available that will completely protect taxpayers’ savings from the effects of tax and inflation. The latest figures show that inflation fell slightly in November, from 5.0 per cent to 4.8 per cent, on the Consumer Prices Index. This means […]

December 16, 2011 More
Fifth of savings accounts offer rock-bottom rates

Fifth of savings accounts offer rock-bottom rates

With inflation at 5 per cent savings can soon be eroded and yet the number of savings accounts offering 0.1% or less interest has soared over the past year. Consumer campaign group Which? reports that the number of easy-access and notice accounts paying 0.1% or less has increased by 23% to 384 and these low […]

November 18, 2011 More
Moneynet reveals top three savings accounts

Moneynet reveals top three savings accounts

Moneynet.co.uk has released its list of the top three savings accounts available to UK savers. The price comparison site said Barclays is best for regular savings, West Bromwich Building Society offers the top rate for fixed-rate accounts, and Barclays comes top for individual savings accounts. Barclays Monthly Saver pays a ‘cracking’ 6% AER fixed for […]

NatWest and RBS launch pensioner savings account

NatWest and RBS launch pensioner savings account

With interest rates plummeting on many savings accounts, NatWest and RBS have launched new savings products to help pensioners feeling the pinch. Many pensioners rely on interest from their savings as a source of income. Because of this, the two banks have launched their own specialist savings account for over 60s and for those drawing […]

Building societies best for consistent interest rates

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 […]

Interest on savings plummets to 0%

Interest on savings plummets to 0%

Fears that the interest rate on savings accounts could crash to 0% are turning into reality, with two providers already cutting rates to zero. West Bromwich, Britain’s seventh largest building society, has severed the underlying rate on its Bonus Saver account to 0%. Customers of the Bonus Saver account can qualify for a 2% bonus […]