Call for consistent savings rates
Price comparison site Moneyfacts.co.uk has urged banks and building societies to deliver more consistent savings rates.
According to the website, recent events in the financial markets coupled with December’s Base Rate cut have resulted in many savings providers chopping and changing their rates without properly notifying their customers. Andrew Hagger of Moneyfacts.co.uk, has welcomed the recent announcement from Nationwide Building Society calling for a voluntary code to be introduced ensuring customers are notified when their introductory rate is about to change.
Hagger continued: “There are three main customer types that this kind of information would help, the first being those consumers who are fed up with their savings rate being cut by more than the cut in the Base Rate. Second, are those people who don’t have time to keep switching their accounts to get the best deal and thirdly, those people whose account is currently attracting a very small rate of interest.”
According to Moneyfacts’ January 2008 Consistency Savings Report, Sainsburys Bank was the most consistent internet savings account provider, while Anglo Irish Bank topped both the notice savings and the no notice savings charts for consistency.