Best savings products and providers have been highlighted by data provider Moneyfacts in its annual awards. Winners included the following:
- Best No Notice Account Provider was Family Building Society;
- Best Notice Account Provider, Secure Trust Bank;
- Best Fixed Account Provider, BLME;
- Best Internet Account Provider, Charter Savings Bank;
- Best Cash ISA Provider, Virgin Money (also Personal Finance Provider of the Year); https://uk.virginmoney.com/savings/find/results/#online
- Best Building Society Savings Provider, Yorkshire Building Society;
- Best Bank Savings Provider, Charter Savings Bank;
- Best Current Account Provider, The Co-Operative Bank.
Lee Tillcock, editor of Moneyfacts, said: “The finalists and eventual winners of this year’s Moneyfacts Awards should be rightly proud of their achievements and have offered a range of products and services that have best supported the sector, at a time when its success and growth is vital. Events of the last few months should in no way deter from the achievements of the past year with hard work rightly celebrated. Despite the political uncertainty, an air of confidence was apparent in the sector and, as the appetite for funding grew, brokers and providers embraced the opportunity to boost trading and growth levels. There is little doubt that the levels of choice and willingness to find real lending and savings solutions within the personal finance sector both improved throughout the year.”
Anna Bowes, co-founder of savings data site Savings Champion commented recently that the trickle of cuts to savings rates, especially to best buy accounts, had turned into more of a torrent in the last couple of weeks. Bowes warned that with news that the Bank of England interest rate could go negative means that savers could consider locking some of their money away, to protect themselves against further rate cuts in the near future, provided they don’t need ready access to their cash.
Bowes said: “Since the beginning of the year and therefore before the first devastating base rate reduction in March, cuts to easy access accounts has seen the average rate fall from 0.51% to just 0.29% today – a fall of 43%! Best buy rates on the other hand have fallen by just 15% or so – and the best rate, from NS&I Income Bonds is currently 1.15% gross. Although best buy fixed rate bonds have also fallen over the last few months, they still pay more than easy access accounts and will protect you from any further rate cuts.”
Bowes advises that: “Some of the very best rates aren’t hanging around for long, so if you do want to take advantage to try and weather the storm, you may want to act now.”
Best rates are available here Fixed Rate Bond best buy tables