UK Money News
6th March 2008
Savers benefit from crunch
Savers are benefiting from the impact of the credit crunch, figures show.
As the liquidity squeeze has taken hold, banks and building societies have been keen to raise funds, even it is from their own customers.
This has meant an increase in savings rates, with those able to afford to put something away for the future reaping the rewards.
According to MoneyExpert.com, a personal finance website, savers have seen returns increase by more than one per cent on regular savings accounts since January 2007, despite the fact that the Bank of England base rate has remained the same.
"The credit crunch has produced plenty of losers but there are some winners too," said Sean Gardner, chief executive of MoneyExpert.com. "Average rates on savings have rocketed as finance firms try to raise cash after the money markets seized up.
"Some products bear no resemblance to those on the market at the beginning of last year even though the cost of borrowing is essentially the same," he added.
Research out last week suggested that savings were on the wane but, with attractive rates to be had, those who can afford it have an opportunity to cash in.
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