Monday July 7, 09:47 AM
Moneyfacts heralds savings consistency
By Barney McCarthy
Price comparison site Moneyfacts has issued a consistency report of savings accounts that perform well over 18 and 36-month periods.
Michelle Slade, analyst at Moneyfacts, said: No sooner do you find the best home for your savings, than the
institution changes its rate. With many of us having busy lives, we dont have the time or inclination to keep moving our money around.
However, there are good homes for your savings where you dont have to keep moving your money every few months.
Icesaves Easy Access Savings took top spot over 18 months for internet savings, knocking Sainsburys Finance into second place after its dominance in April. Sainsburys Finance does hold on to the top spot over 36 months though.
Kent Reliance Building Society knocks NS&I off the top spot over 18 months for cash ISAs, while Yorkshire Building Society once again retains top spot over 36 months with its e-ISA.
Slade added: Building societies continue to dominate the consistency charts, taking 33 of the 48 spaces available.
The current economic climate has seen many institutions closing accounts and replacing them with new ones, generally paying higher rates. It is therefore great news for savers that two of the top consistent savings accounts still continue to appear in the best buys today. Savers can be confident that if they opt for consistency they are still getting a rate just below those of current market-leading deals.
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