Savings accounts are currently offering some good deals, but these appear to be on the decline.
Certain savings accounts are offering the highest rates in over a year, according to research from a price comparison site.
The average rate for a one-year fix rate bond currently stands at 3.47 per cent, compared to the 2.95 per cent average recorded a year ago. Bonds lasting between two and four years have also seen steady increases since the beginning of the year.
Kevin Mountford, head of banking at Moneysupermarket.com, commented, “Despite low interest rates, there is still healthy competition among savings providers and savvy savers need to be quick to take advantage as these rates may not hang around for too long. Savers should grab them while they still can.”
Individuals looking for a good deal through an easy access savings account will need to be especially quick, since rates for these accounts have already begun to decline. Earlier this month, rates for these accounts stood at their highest level since December 2009. However, they have since fallen from an average of 2.97 per cent to 2.95 per cent.
