Savings account interest rates always changing, says Moneynet
www.moneynews.co.uk > Banking > Savings account interest rates always changing, says Moneynet
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Money News |
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Savings account interest rates always changing, says Moneynet
Wed 18th Nov 2009
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Andrew Hagger, spokesperson for the website, made his comments after the financial services provider published research indicating that 78 per cent of variable-rate accounts pay a rate of 1.875 or less.
The firm said that since the consumer price index has now risen back to 1.5 per cent, basic rate taxpayers will need to obtain a rate of at least this amount gross in order to maintain the spending power of their pot of savings.
Mr Hagger stated that consumers should never rest on their laurels, even if they are able to secure an account that was a "best buy" when it was taken out.
"It's quite a fast-moving market - and something that might be a best buy today might not be a best buy in three weeks or a month down the road," the industry expert concluded.
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