Moneynet.co.uk: Savings account rates falling

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Moneynet.co.uk: Savings account rates falling

Savings account interest rates for variable-rate offerings in the UK are falling on average, according to the latest research from Moneynet.co.uk.

The price comparison website revealed that between January and February this year, the average rate offered on variable-rate savings accounts fell from one per cent to 0.73 per cent.

Variable-rate savings account interest rates have now been falling for six consecutive months.

Moneynet.co.uk said that the savers may start to see some benefits in the future, thanks to the rate of inflation.

It added: "Inflation still has scope to fall whereas base rate and many savings rates are almost touching the bottom axis on the rate graph, so hopefully we will see the trend starting to reverse."

The Office for National Statistics revealed yesterday that the government's preferred inflation measure, the Consumer Price Index, indicated a rise in inflation between January and February.

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