Easy access savings rates reach 30-month high

Tuesday, 06 September 2011 12:29

Savers are enjoying the best rates of return on easy access accounts since March 2009, according to Moneysupermarket.com.

The price comparison website revealed that the top ten average easy access saving rates are at their highest level for 30 months, when the Bank of England base rate fell to its current historic low of 0.5 per cent.

Meanwhile, it added, all ten of these accounts now include bonus rates, compared to three out of ten two-and-a-half years ago.

The current average rate stands at 3.09 per cent, according to analysis by the firm.

Kevin Mountford, head of banking at moneysupermarket.com said these deals should remain in place for a while yet, as the base rate is unlikely to be raised any time soon.

That makes it crucial for savers to "squeeze the most value possible" from their funds to avoid the negative effects of inflation, he added.

Mr Mountford continued: "It is encouraging to see average rates rising to their highest levels since Bank of England base rate fell to its record low. Many of the top paying accounts are paying interest of at least six times that of the base rate, unheard of before the recession. It is unlikely banks will maintain these margins once the base rate rises."

Please add this link – Use the Myfinances.co.uk comparison tables to find the best deal on a new savings account

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