A financial services provider has indicated that now is a "great time" for people looking to boost their savings.
This week, Portman Building Society has increased the savings rates on several of its fixed-rate savings products, following the Bank of England's decision to raise interest rates earlier this month.
For instance, its one-year fixed-rate individual savings accounts now feature gross savings rates of six per cent, while the one-year income savings bonds now pay gross interest at 5.84 per cent.
Furthermore, the financial services provider has increase gross savings rates for its one-year fixed-interest bond to six per cent.
Outlining the changes, James Wright, associate director of marketing at the financial services provider, has indicated they are a response to the changing economic climate.
"Market movements are now very much in favour of savers and the changes to our fixed-rate savings products reflect this," he said.
"This is a great time for savers to secure a lending rate over the next year."
As well as savings accounts, Portman Building Society also provides tracker mortgages, fixed-rate mortgages, home insurance cover and travel insurance protection.
Financial services provider notes cheerful climate for savings customers
Financial services provider notes cheerful climate for savings customers
Fri, 01 Jun 2007
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