Moneyfacts: Savings market is "flourishing"
www.moneynews.co.uk > General finance > Moneyfacts: Savings market is "flourishing"
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Money News |
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Moneyfacts: Savings market is "flourishing"
Thu 21st Aug 2008
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The website said that the continuing slump in the property market has made it harder for lenders to gain funds in the money market.
It said that they are now having to get their money by enticing savers' funds from competitors.
As a result, the savings market is "flourishing", with some of the highest levels of interest in savings accounts that have been seen for years.
Moneyfacts said that the highest rates available have started to fall slightly but some providers are still launching products "with extremely competitive rates".
A recent report from MoneyExpert.com revealed that the credit crunch is starting to eat into savings, the Fair Investment Company reports.
Its research found that the average rate on an instant access savings account is 3.3 per cent.
Exceptions include Anglo Irish Bank, whose no notice rate is 6.4 per cent.
Related News : General finance |
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