Those with money in savings accounts are set to benefit from recent increases in interest rates, one expert has claimed.
Kevin Mountford, head of saving at Moneysupermarket.com, explained that despite the Bank of England cutting rates, banks have consistently been increasing theirs, both on savings accounts and personal loans .
He said: "Savers back in July were barely getting any return above the base rate, but now they are consistently seeing rates one per cent or more above the Bank of England's figure ... Banks know they need to increase their level of savings so they are now fighting for new customers."
Yesterday, Anne Young, savings expert at Scottish Widows, urged young people to put a sum of money in to a savings account on a regular basis.
She said that by doing so people could soon build up a sizeable nest egg which they could then invest further or use as a deposit for a mortgage .
Rate increases boost savings accounts
Rate increases boost savings accounts
Fri, 28 Mar 2008
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