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December 13, 2009

Best savings rates disappear

by Gill Montia

Story link: Best savings rates disappear

Moneyfacts is urging savers to stay alert because the best rates on the market are disappearing fast.

According to the financial information website, since the beginning of November 62% of savings product changes have been withdrawals and where replacements have been launched, returns are lower.

Fixed-rate offerings have been worst hit with last month’s top deals having already been pulled, although savers on variable rates are also losing out.

The firm’s spokesperson, Michelle Slade, explains that recent competition among savings providers has been prompted by new regulatory requirements demanding that lenders boost their capital reserves.

However, in the past few weeks the tide has turned as lenders access other means or raising cash and can therefore reduce reliance on savers’ money.

Furthermore, market leading products are frequently oversubscribed and Ms Slade advises: “Savers need to keep a close eye on the savings market and act quickly when top deals are launched; otherwise they are likely to miss out.”

 

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