Savings rates are inflated right now, says moneysupermarket.com

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Savings rates are inflated right now, says moneysupermarket.com

Savers have been told by moneysupermarket.com that interest rates are inflated at the moment because of the situation lenders are in.

Kevin Mountford, head of banking at the comparison site, stated that banks and building societies are very keen have money invested in them so they are offering high interest rates.

However, he warned people who sign up to variable bonus rate accounts that their return could drop all of a sudden, whereas having a fixed bonus gives customers peace of mind.

"Those savers who take out bonus rate savings deals should also take note of when the bonus ends and be prepared to switch accounts once this happens," he added.

Recent research by moneysupermarket.com indicated that the average bonus rate at the moment is 1.93 per cent, which is more than double what it was two years ago, when it was 0.71 per cent.

This week, a representative from the organisation claimed that HSBC had broken new ground by dropping its mortgage interest rate to 1.99 per cent on a two-year fixed term deal.

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