Moneynet.co.uk highlights 5% savings products

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Moneynet.co.uk highlights 5% savings products

Wed 19th May 2010

Two new savings products are offering banking customers a five per cent return on their savings and could help consumers battle the recent inflation figures.

This is the view of Andrew Hagger, a spokesperson for Moneynet.co.uk, who highlighted products by Coventry Building Society and Northern Rock as worthy of people's attention.

He explained that the Coventry Building Society has launched a fixed-rate bond at five per cent interest.

Mr Hagger stated: "Whilst tying your money up for four or five years may not turn out to be the best strategy if interest rates start to pick up soon, some savers will... focus on maximising their monthly income."

Meanwhile, the Northern Rock regular saver account pays out five per cent until June 2011, although this product must be managed in-branch and savers can only deposit £250 per month.

The Moneynet.co.uk representative pointed out that savers are being given a rough time by the inflation figure, which was 3.7 per cent for April.

Kevin Mountford, head of banking at moneysupermarket,com, suggested that this should give people impetus to find the best deal for their savings.

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