Those saving money should keep a close eye on the downward trend of interest rates, according to some financial analysts.
Despite the fact that the Bank of England's rate-setting monetary policy committee voted yesterday to keep interest rates at 4.5 per cent, savers should guard against complacency, warns the head of savings at financial website Moneyfacts, Rachel Thrussell.
She adds that savers should not believe that their savings accounts and savings interest rates would remain untouched. Those saving money should continue shopping around for the best deals, Ms Thrussell adds.
The trend of falling savings interest rates continued into the second week of the new year, Moneyfacts points out.
Most recently, Abbey, Alliance & Leicester, Lloyds TSB and Manchester Building Society announced that they are reducing savings interest rates.
This follows similar announcements by ING, NatWest, Royal Bank of Scotland, Woolwich, West Bromwich Building Society and Scarborough Building Society.
"New year resolutions come and go quickly but maybe one to keep this year would be to keep a close eye on your savings provider to ensure you are still getting the rate you signed up for," Ms Thrussell advises.
Savings interest rates on downward trend
Savings interest rates on downward trend
Fri, 13 Jan 2006
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