Savings rates in the UK have dropped from an average of 3.76 per cent in January 2008 to 3.3 per cent, it has been reported.
According to MoneyExpert.com, there are now only 145 accounts in the UK offering interest rates of over the five per cent Bank of England base rate, compared to 270 eight months ago.
Sean Gardner, director of MoneyExpert, observed that a reduction in the number of instant access savings rate accounts available is reflective of banks efforts to get UK consumers planning for the long term future.
"Having instant access to your cash is a genuine benefit but for many savers it means you have to watch the interest rate set by your bank carefully," he added.
Mr Tipton concluded that there are still "great deals" available on regular savings accounts.
Last month, Moneysupermarket.com reported on the removal of one-year fixed-rate bonds, noting that "it had to happen sooner or later".
Saving rates reach 3.3 per cent
Saving rates reach 3.3 per cent
Thu, 21 Aug 2008
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