Savings rates 'fall to summer levels'

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Savings rates 'fall to summer levels'

Savings rates have fallen back to the levels seen last summer as a result of lenders cutting mortgage rates to attract borrowers.

At least this is the claim of Moneyfacts, which suggested appealing to savers is not the priority for banks at the moment, meaning many consumers are losing out.

"The focus appears to have switched back to lending and as the demand for savers' money reduces, so do the rates offered," commented Michelle Slade, a spokesperson for the website.

She added that 2009 will have been the worst year ever in terms of returns for many savers - and 2010 may not be much different.

Moneyfacts figures show that average easy-access, Isa, one-year bond, three-year bond and five-year bond savings rates have all fallen since November, as have two-year fixed, three-year fixed, five-year fixed and two-year tracker mortgages.

The statistics were published following the company's warning last month that inflation is eroding people's savings.

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