Jul 18 2008
People looking to set money aside in a savings account are being fought over by the banks and building societies on the high street, it has been claimed.
According to Moneyfacts, financial service firms around the country are trying to tempt customers with relatively high interest rates, which could be good news for parents saving for children.
In fact, despite the recent cut in the base rate of interest, almost 100 saving accounts have seen their rates increase in recent weeks, which is an unusual situation but one that could help investors see greater returns on their cash.
"This is an unprecedented amount of increases following a base rate cut and is not something we have seen before," a statement from Moneyfacts explained.
"Although not everyone is in a position to save as financial pressures across the board increase, those that can need to shop around for the best deal."
Chelsea Building Society reported recently that the economic pressures currently hitting British consumers have not completely deterred their appetite for saving.
