Saving difficult in 2010, says moneyfacts.co.uk
www.moneynews.co.uk > Banking > Saving difficult in 2010, says moneyfacts.co.uk
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Money News |
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Saving difficult in 2010, says moneyfacts.co.uk
Fri 19th Feb 2010
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Darren Cook, spokesperson for Moneyfacts.co.uk, thinks that the first six weeks of this year have been "disastrous" for those who are attempting to put money away for a rainy day.
He explained that the poor rates of interest are down to the steadily decreasing rates on mortgages, so the only way that institutions can compete is by giving savers a lower return on their money.
There is also unlikely to be any improvement in the foreseeable future, he explained, as long as the cost for borrowers continues to fall.
"Improvements will only be seen when the Bank of England decides to return its rate back to a healthier position of around three or four per cent," Mr Cook said.
The average rate on the top five savings accounts has fallen to 2.89 per cent from 3.04 per cent at the beginning of the year, according to moneysupermarket.com.
Click here for more banking news
Related News : Banking |
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