Customers who are able to leave their money in savings bonds for more than a year will end up generating more money, according to experts.
Rachel Thrussel, head of savings at independent advisors Moneyfacts, has stated that an increasing number of savings providers are re-pricing their fixed-term savings products, resulting in several substantial increases in savings rates.
The battle to obtain best-buy chart recognition will continue, with more providers raising rates and new institutions entering the market.
Several reasons behind the rise in savings rates are suggested by Ms Thrussel, including a direct response to increasing swap rates and providers trying to secure long-term investment to support their mortgage requirements.
"We have not seen rates at such a high level for sometime now and the trend shows no signs of fizzling out with speculation of more providers following suit.
"If you can afford to tie some savings up for a longer period of time … it may be worth moving some funds … to make the most of these rising rates"
Moneyfacts states that it is UK’s leading independent provider of personal financial information, including savings and its data is used throughout the financial industry.
Good news for long term savings, experts say
Good news for long term savings, experts say
Fri, 26 May 2006
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