Savings account rates 'bouncing back'

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Savings account rates 'bouncing back'

Fri 24th Apr 2009

Savings account rates are increasing again, according to one financial expert, which could be good news for savers who have been experiencing diminished returns in recent months.

Moneyfacts.co.uk found that 11 providers, including NatWest, Northern Rock, the Royal Bank of Scotland and the AA, have all improved some of their savings account interest rates.

Michelle Slade, an analyst for Moneyfacts.co.uk, said that the Stroud and Swindon Building Society has improved the interest rates on its 30-day notice savings accounts by up to 1.35 per cent.

She added: "With base rate being kept on hold last month, savings providers have had a chance to review their positioning in the market.

"We are now seeing those that want to increase their position offering improved terms, which is good news for savers."

This month the Bank of England decided to leave the base rate of interest at 0.5 per cent.

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