Building societies best for saving consistency
Monday, 06 Oct 2008 08:00
Building societies ape banks
Building societies are consistently offering the best saving rates, according to new analysis.
As the credit crunch pushes up savings rates – as lenders try to gain funds that are disappearing from the money markets – the mutuals are outperforming banks.
However, the financial crises of the last month have seen banks around the world fail, so leaving savers to worry about the safety of their cash.
Michelle Slade, analyst at Moneyfacts.co.uk, said: "We have received hundreds of direct approaches from the public, asking the same question 'Is my money safe?'
“The Financial Services Compensation Scheme (FSCS) is complicated for most within the industry, let alone for the consumer, who would have never have thought that they ever needed to ask questions about their bank."
She added: “These are unsettling times and as a result of the lack of liquidity in the market, generally savings interest rates are going up and down, depending on an each deposit taker’s cash requirements.
"Our latest survey highlights those institutions that have rewarded their customers with consistent returns."
Highlights from Moneyfacts October 2008 savings consistency report:
Building societies take 75 per cent places on the consistency charts.
Internet Savings
Icesave (Easy Access Savings) has again dominated the top spot over 18 months, followed by Principality BS e-SAVER account. Sainsbury’s Finance again holds hold on to the top spot over 36 months.
No Notice Savings (No bonus)
Chesham BS most consistent rates over 18 months. Teachers BS has taken the top spot over 36 months.
Notice Savings (No bonus)
Beverley BS has done the double by taking top spots in both categories over 18 and 36 months.
Cash ISA
Kent Reliance BS most consistent high rates over 18 months and 36 months.
Most consistent Cash ISAs over 18 months
| | Account | Term | Min Deposit | Total Interest | Gross % (AER) as at 01/10/08 |
|---|
| Kent Reliance BS | Direct Cash ISA | None | £1 | £272.79 | 5.76% (5.76%) |
| National Savings & Investments | Direct ISA | None | £1,000 | £267.93 | 5.30% (5.30%) |
| Tipton & Coseley BS | Premier ISA | 30 Day | £3,600 | £266.45 | 5.55% (5.42%) |
| Yorkshire BS | e-ISA | None | £10 | £264.23 | 5.55% (5.55%) |
| Earl Shilton BS | Cash ISA | 90 Day | £10 | £263.00 | 5.55% (5.55%) |
| Loughborough BS | 30 Day Cash ISA | 30 Day | £1 | £261.75 | 5.40% (5.40%) |
ISA Best Buys at October 1st
| | Account | Term | Min Deposit | Current Gross % (AER) as at 01/10/08 |
|---|
| Manchester BS | Premier ISA Issue 2 | Instant | £1,000 | 6.50% (6.50%) |
| Icesave | Premier ISA Issue 2 | Instant | £1,000 | 6.50% (6.50%) |
| Barclays Bank | Easy Access ISA | Instant | £1 | 6.08% (6.25%) |
| Egg | Egg Cash ISA | None | £1 | 6.05% (6.05%) |
| National Counties | Guaranteed Cash ISA 2008/2009 | Instant | £1 | 6.01% (6.01%) |
| Birmingham Midshires | Direct ISA Issue 3 | None | £1 | 6.00% (6.00%) |