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Respite as the majority of savings accounts continue to pay above 0.50%
The latest issue of the monthly Moneyfacts Treasury Report on UK Savings Trends has given additional insight into how providers have no alternatives but to secure business by offering savings rates well over base rate.
Of the 2,265 savings accounts available at the end of June, 55.3% had interest rates paying over the Bank of England Base Rate of 0.50%.
The period of preferred accessibility continues to be the biggest driver of returns for savers, as the average no notice rate hovered around 0.80%, while the average one year fixed rates paid 3.04%.
Darren Cook, analyst contributing to the Moneyfacts Treasury Reports commented:
“We witnessed a net increase of 34 new accounts to the savings market for the month of June, 32 of which paid interest in excess of the official interest rate.
“Providers are asking their savers to commit their money for a much longer period, and the only way they can do this is by offering premium rates in return.
“The savings report confirms that the average long term fixed rate is 3.51%, which is one the contributing factors why we are seeing higher mortgage rates for new borrowers.”
About the monthly Moneyfacts Treasury Reports
Moneyfacts Treasury Reports are currently used by HM Treasury, the Council of Mortgage Lenders, the Building Societies Association, the Financial Conduct Authority and many UK banks and building societies.
The reports combine past and present market data to provide groundbreaking reviews of the UK’s mortgage and savings trends. Complex statistics are transformed using succinctly written commentary, clear line graphs and tables, to provide instantly accessible information and save time currently spent on individual research.Moneyfacts Treasury Reports are essential reading for regulators, lenders, economists and those working in the wider areas of finance, product development and marketing. Ideal for strategic planning and in-depth analysis of current mortgage and savings trends, they can also be used as the basis for further individual market investigation.
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
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