Top savings rates withdrawn, says Moneyfacts.co.uk

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Top savings rates withdrawn, says Moneyfacts.co.uk

Thu 10th Dec 2009

Accounts with high savings rates are either being withdrawn or lowered by their providers, according to Moneyfacts.co.uk

Since the beginning of November, 62 per cent of changes that have been made to products have been withdrawals, the financial website reported.

Products that have been taken off the market include West Bromwich Building Society's 3.35 per cent rate account and Citibank's Flexible Saver, which paid out at 3.25 per cent.

Although some of the withdrawn offers have been replaced, it is often at a lower rate.

Michelle Slade, spokesperson for Moneyfacts.co.uk, commented: "Despite no change in bank rate since March, savers have seen rates steadily increasing, particularly on fixed rate bonds. However, in the last few weeks the tide has turned and many top deals are being withdrawn."

Moneyfacts reported earlier this month that annuity rates have also been hit, as the average rate for a 65-year-old man, purchasing a level without guarantee annuity, for £10,000, has decreased by 3.3 per cent since September.

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