- Bad Credit
- Buy to Let
- Life Insurance
- Home Ins
- Utility Switch
- Credit Check
- About Us
- Terms and Conditions
- Contact Us
- Site Map
- Mortgage Site Map
- Life Insurance Site Map
- News 2013
- News Achieve 2012
- News Achieve 011
- News Achieve 2010
- News Achieve 2009
- News Achieve 2008
- News Achieve 2007
- Insurance News Achieve
- Articles Archive
- ©Copyright 2021
Yet more bad news for savers
Today sees news that selected Barclay’s savings rates will be hit for the third time in as many months.
Savings Builder and Day to Day Savings face a 0.24% reduction on 1 February. Day to Day savings will pay 3.69%; Savings Builder will pay 4.17% at £10K, 4.31% at £25K, 4.41% at £50K, 4.55% at £100K and 4.65% at £250K.
Rachel Thrussell, Head of Savings at Moneyfacts.co.uk comments:
“This is disappointing news, particularly so soon after the previous cuts. A total cut of 0.74% will make a significant dent to your interest return, especially when the rates are far from market leading.
“While other institutions opted for the same two prong rate reduction, just prior to and following December’s rate cut and others changed rates in December by more than the base rate, the maximum cut we have seen so far was 0.55%. Barclays truly stands out from the crowd with a cut almost three times that of base.
“Although the Day to Day Savings account is paying one of the highest rates available on the high street from £1, if you are prepared to bank online, via the telephone or post, rates over 6% are easily achievable.
“With another base rate cut imminent, savers must ensure they get a good deal on their savings rates. The savings market is still healthy with great rates to be found. Following December’s base rate cut, best buy accounts from Icesave, ICICI and Anglo Irish were unscathed.
“So some savers are getting a great deal and have the bonus of not having seen any rate reduction, while others suffer as already average rates are slashed despite the base rate remaining on hold.
“It’s never been more important to check your savings rates it’s easy to switch providers. If you don’t you could potentially be missing out of hundreds of pounds in interest each year.”
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.
Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600
We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500