Fixed-rate savings accounts are offering their highest returns in ten years, one expert has stated.
According to Kevin Mountford, head of savings at Moneysupermarket.com, there are now 13 providers offering fixed-bonds with a rate of seven per cent or more - something that has not happened for a decade.
He believes that this situation means that people should be more demanding when looking to open a new savings account .
Mr Mountford said: "Savers should now expect at least seven per cent on bonds and over six per cent on easy access savings. The question now is how high can rates go?"
The Birmingham Midshires' savings account which offers 7.11 per cent is "very attractive" as there are no restrictions on who can open one, he added.
Earlier this week, Reza Attar-Zadeh, director of savings and investments at Abbey, claimed that if someone quits smoking they could build up a sizeable nest egg in just one year through the money they save .
Savings accounts offer rates at ten year high, expert claims
Savings accounts offer rates at ten year high, expert claims
Fri, 27 Jun 2008
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