New analysis has shown that here are currently a record number of savings accounts on the market.
There are now 2,385 savings accounts available, including accounts for individuals, businesses and offshore clients. This is the highest figure since Moneyfacts, who carried out the analysis, began tracking savings accounts in 1988.
The newly released statistics show that in 1988, there were just 203 savings accounts to choose from and the number has gradually risen over the years. Five years ago, there were 2,088 savings accounts on the market, compared to 2,219 last year.
Michelle Slade, spokesperson for Moneyfacts.co.uk, commented, “Over the years the savings market has developed to take into account the different needs of savers. Most savings providers offer a wide range of options for both personal and business customers.”
She added, “Since the start of the credit crisis savers’ deposits have become increasingly in demand amongst providers looking to use in-house sources of funding for lending rather than entering the money markets.”
Slade said that the growth in the number of savings accounts was good news for consumers as it meant that providers are offering more attractive deals, such as long-term fixed rates, to attract customers.
