A number of financial institutions have begun to assess their "funding and liquidity positions" and are looking to generate more funds by trying to attract higher levels of deposits, it has been claimed.
Andrew Hagger, head of news and press at Moneyfacts.co.uk, said that organisations are acting in response to recommendations made by the Financial Services Authority this week.
This has prompted "dramatic" developments within the short-term fixed-rate savings market, Mr Hagger claimed, stating that some of the largest mortgage providers have "good reason" to attract savers.
"As well as providing funds for the lenders this is also an excellent opportunity for savers to bag themselves an outstanding deal. But hurry, these kinds of deals don't last," he advised.
In related news, Alliance and Leicester recently reported that the UK's combined savings have nearly doubled since 2000.
The firm noted that one-third of people plan to increase their savings over the course of the next five years.
'Savers to benefit from financial uncertainty'
'Savers to benefit from financial uncertainty'
Thu, 06 Dec 2007
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