Interest rates on regular savings accounts are "booming" according to new research.
A study by MoneyExpert.com shows that the average rate for such savings accounts is now at 5.25 per cent compared with 4.23 per cent in January 2007.
There are also around 25 more of this kind of savings account on the market now than at the beginning of last year, the report found.
Sean Gardner, director of MoneyExpert.com, said: "It is striking that average rates on regular savings accounts are around one per cent better than they were 18 months ago when the Bank of England base rate was actually higher than it is today."
However, consumers should make sure they are getting a good deal as there are still some poor savings accounts on offer, he warned.
Yesterday, the Anglo Irish Bank was dubbed best provider of easy access and notice savings accounts for returns over 18 and 36 months by Moneyfacts.co.uk.
Savings account rates on the rise, study finds
Savings account rates on the rise, study finds
Tue, 08 Jul 2008
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