Moneyfacts.co.uk: Savings account rates more consistent with building societies

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Moneyfacts.co.uk: Savings account rates more consistent with building societies

Tue 27th Jan 2009

Customers can benefit from more consistent savings account interest rates if they choose building societies as their savings account providers, according to Moneyfacts.co.uk.

The price comparison website conducted research which revealed that 79 per cent of the most consistent savings account interest rates are offered by building societies rather than banks.

Michelle Slade, an analyst for the website, said that while consistent rates are not necessarily the best rates, customers may benefit from consistency in the long run due to fluctuations.

She added: "With so many changes to rates going on in the market, it is difficult to know where to move your money to, as an account that tops best buys one minute may see its rate greatly reduced the next."

Recently, Nottingham Building Society launched a new savings account offering a rate of 3.5 per cent.

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