Customers looking to make the most out of their savings accounts should consider longer-term deals, says a finance expert.
According to the website Moneyfacts, if savers are prepared to put their money away for 12 months, then they can take advantage of far more favourable interest rates.
The website reports interest rate increases of over 0.20 per cent for longer-term products, with some providers offering rates of 0.35 per cent or 0.50 per cent.
It picks out a number of saver-friendly banks and building societies offering improved rates on savings accounts, including Birmingham Midshires whose one year savings account has seen its interest rate rise from 4.90 per cent to 5.01 per cent.
Similarly Bradford and Bingley has increased its rates from 4.60 per cent to 4.70 per cent and Egg pushed its rates up from 4.55 per cent to 4.80 per cent.
These new savings account rates could be good news for those planning their long-term financial stability, particularly in light of the prevailing financial trend of falling interest rates.
Savers best to think long-term, says financial services expert
Savers best to think long-term, says financial services expert
Fri, 05 May 2006
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