UK Money News
17th April 2008
Savers benefiting from competition among banks
Competition among banks for retail deposits is continuing to benefit savers, a research company has revealed.
According to data from Defaqto, the best market rate offered on a six-month bond of £10,000 is currently 6.86 per cent.
Just 17 months ago, when the key bate of interest was last at five per cent, the top rate on offer for a comparable savings product was 5.27 per cent.
Meanwhile on longer five-year fixed rate bonds, the best interest rate on offer has increased from 5.58 per cent to six per cent.
David Black, principal consultant of Defaqto's banking division, said: "With many people thinking the base rate is likely to fall further this year some of the fixed rate products available now look outstanding value.
"Variable saving rates look set to be reduced, but with some of the newer entrants, such as Kaupthing Edge and Icesave saying that they will hold their rates for the time being, people could still maintain or better their current rates going forward if they are prepared to move their money around."
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