30 January 2013

Getting the Best Savings Rate?

Savings rates seem to be on the way down again.
 
The general view seems to be that the Government's "Funding for Lending" scheme is to blame. That provides additional capital to the banks that they need, so that they no longer need to offer good savings rate to attract your money. (OK the Government is providing your money too since that's all it has, but you know what I mean!).
 
Our website has some links to the latest rates and our monthly newsletter has a regular link (sign up on our website). But as a couple of examples: Cheshire BS is offering 2.5% on an Easy Access ISA, and Principality BS is offering 2.3% on a 30-day notice account.
 
As usual, banks and building societies are not interested in good service (only my opinion) and will generally reduce the rate after an initial period, hoping you will leave your money there, of course. So keep vigilant.

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