Building Societies Continue to Beat Banks in Cash ISA and Savings Interest Rates Consistency
Personal_Finance / Savings Accounts Apr 15, 2009 - 11:25 AM GMTBy: MoneyFacts
Building societies retain consistency crown - Building societies once again reign supreme, taking 77% of the top spots in the Moneyfacts consistency survey. The string of consecutive base rate cuts has resulted in lower returns for savers and the majority of the most consistent returns are provided by the same providers.
Moneyfacts consistency survey April 2009:
- Bath BS, Halifax, Principality BS and Teachers BS take the title of most consistent providers
- Sainsbury’s Finance’s Internet Saver continues to be the most consistent internet account
- Beverley BS Postal Account retains the title of most consistent no notice account over both 18 and 36 months
See below for full consistency details.
Michelle Slade, analyst at Moneyfacts.co.uk, commented:
“Many savers don’t have the time or inclination to keep switching between accounts to secure best buy rates. Instead they look for an account offering a competitive rate of interest which is maintained despite market movements.
“With so many changes in the market recently, consistency has become more important than ever with many accounts paying best buy rates one minute but gone the next.
“Taking more than three quarters of the top spots, building societies once again increase their dominance in the Moneyfacts consistency survey. Savers looking to make the most of their money shouldn’t just look to their bank for their savings needs.
“It is encouraging to see the Halifax doubling its presence to become one of the most consistent providers, as no other high street bank features in the top spots.
“Sainsbury’s Finance continues its dominance of the internet savings market, with its Internet Saver taking top spot for the fifth quarter running.
“With base rate at an all time low, it is inevitable that savers are seeing lower returns than this time last year, but by putting in a small amount of work to find the best home for your money, you could avoid being hit so harshly.”
Cash ISA
Most consistent accounts over the last 18 months
| Company | Account | Term | Min Deposit |
Total Interest | Gross % (AER) as at 6.4.09 |
| Tipton & Coseley BS | Premier ISA | 30 Day | £3600 | £260.57 | 2.00%* (1.87%) |
| Principality BS | e-ISA | None | £1 | £243.07 | 1.80% (1.80%) |
| Kent Reliance BS | Direct Cash ISA | None | £1 | £237.51 | 1.42% (1.42%) |
| Earl Shilton BS | 90 Day Cash ISA | 90 Day | £10 | £232.94 | 1.95% (1.95%) |
| Yorkshire BS | e-ISA | None | £10 | £230.58 | 1.90% (1.90%) |
| Saffron BS | 180 Day ISA Issue 2 | 180 Day | £1,000 | £228.53 | 1.05% (1.05%) |
| Company | Account | Term | Min Deposit |
Total Interest | Gross % (AER) as at 6.4.09 |
| Tipton & Coseley BS | Premier ISA | 30 Day | £3600 | £522.36 | 2.00%* (1.87%) |
| Kent Reliance BS | Direct Cash ISA | None | £1 | £505.40 | 1.42% (1.42%) |
| Yorkshire BS | e-ISA | None | £10 | £493.78 | 1.90% (1.90%) |
| National Savings & Investments | Direct ISA | None | £100 | £493.19 | 1.30% (1.30%) |
| Earl Shilton BS | 90 Day Cash ISA | 90 Day | £10 | £491.20 | 1.95% (1.95%) |
| Leek United BS | Cash ISA | Instant | £1 | £484.44 | 2.00% (2.00%) |
Internet savings accounts (without bonus)
Most consistent accounts over the last 18 months
| Company | Account | Term | Min Deposit |
Total Interest |
Gross % (AER) |
| ICICI Bank UK | HiSAVE Savings | None | £1 | £84.94 |
2.43% (2.46%) |
| Yorkshire BS | Internet Saver | Instant | £1 | £80.68 |
2.10% (2.10%) |
| Principality BS | e-SAVER | None | £1 | £80.36 |
1.65% (1.65%) |
| Birmingham Midshires | Direct Internet Savings | None | £1 | £72.65 |
1.40% (1.40%) |
| Sainsbury’s Finance | Internet Saver | None | £1 | £71.50 |
0.75% (0.75%) |
| Saffron BS | e-saver Issue 2 | None | £1,000 | £69.02 |
0.60% (0.60%) |
Based on interest earned on £1,000 in 18 months to 6 April 2009
Most consistent accounts over the last 36 months
| Company | Account | Term | Min Deposit |
Total Interest (Gross) |
Gross % (AER) as at 6.4.09 |
| Sainsbury’s Finance | Internet Saver | None | £1 | £158.01 | 0.75% (0.75%) |
| Nationwide BS | e-Savings | None | £1 | £149.88 | 0.45% (0.45%) |
| Coventry BS | NetSave Instant lll | Instant | £1 | £142.08 | 0.50% (0.50%) |
| Norwich & Peterborough BS | NetmasterGold Save ll | None | £1 | £139.59 | 0.50% (0.50%) |
| Halifax | Web Saver | None | £5,000 | £134.38 | 0.15% (0.15%) |
| Halifax | Web Saver Cash Card | Instant | £10 | £132.82 | 0.25% (0.25%) |
No Notice savings accounts (without bonus)
Most consistent accounts over the last 18 months| Company | Account | Term | Min Deposit |
Total Interest (Gross) 18 months |
Gross % (AER) as at 6.4.09 |
| Beverley BS | Postal Account | None | £5,000 | £756.02 | 1.65% (1.65%) |
| Teachers BS | Call Save | None | £1 | £732.29 | 1.60% (1.60%) |
| Birmingham Midshires | Direct Telephone Savings | None | £1 | £726.44 | 1.40% (1.40%) |
| Bath BS | Direct Saver | None | £2,500 | £703.10 | 1.70% (1.70%) |
| Stroud & Swindon BS | Premium Reward Issue 2 | Instant | £5,000 | £675.32 | 0.50% (0.50%) |
| Derbyshire BS | EasySave Tracker Issue 2 | None | £100 | £674.55 | 0.50% (0.50%) |
Based on interest earned on £10,000 in 18 months to 6 April 2009
Most consistent accounts over the last 36 months
| Company | Account | Term | Min Deposit |
Total Interest (Gross) 36 months |
Gross % (AER) as at 6.4.09 |
| Beverley BS | Postal Account | None | £5,000 | £1,591.55 | 1.65% (1.65%) |
| Teachers BS | Call Save | None | £1 | £1,563.60 | 1.60% (1.60%) |
| Bath BS | Direct Saver | None | £2,500 | £1,515.97 | 1.70% (1.70%) |
| Britannia BS | Direct Saver | None | £100 | £1,491.78 | 0.50% (0.50%) |
| Chesham BS | Save Direct 2nd Issue | None | £2,500 | £1,481.17 | 0.75% (0.75%) |
| Principality BS | Postal | None | £1 | £1,441.44 | 0.50% (0.50%) |
Notice savings accounts (without bonus)
Most consistent accounts over the last 18 months| Company | Account | Term | Min Deposit |
Total Interest | Gross % (AER) as at 6.4.09 |
| Chesham BS | Save Direct 90 | 90 Day | £10,000 | £747.73 | 1.25% (1.25%) |
| Teachers BS | Minster 90 Plus | 90 Day | £5,000 | £684.01 | 1.00% (1.00%) |
| National Counties BS | Direct 90 Notice | 90 Day | £5,000 | £678.25 | 1.41% (1.41%) |
| Halifax | Extra Income Saver | 90 Day | £5,000 | £665.68 | 0.25% (0.25%) |
| Buckinghamshire BS | Chiltern Gold Notice 90 | 90 Day | £100 | £661.70 | 1.15% (1.15%) |
| Bath BS | Lifestyle 60 | 60 Day | £5,000 | £656.89 | 1.35% (1.35%) |
Based on interest earned on £10,000 in 18 months to 1 January 2009
Most consistent accounts over the last 36 months
| Company | Account | Term | Min Deposit |
Total Interest | Gross % (AER) as at 6.4.09 |
| Teachers BS | Minster 90 Plus | 90 Day | £5,000 | £1,481.00 | 1.00% (1.00%) |
| National Counties BS | Direct 90 Notice | 90 Day | £5,000 | £1,459.38 | 1.41% (1.41%) |
| Halifax | Extra Income Saver | 90 Day | £5,000 | £1,458.50 | 0.25% (0.25%) |
| Buckinghamshire BS | Chiltern Gold Notice 90 | 90 Day | £100 | £1,429.56 | 1.15% (1.15%) |
| Bath BS | Lifestyle 60 | 60 Day | £5,000 | £1,422.84 | 1.35% (1.35%) |
| Principality BS | Monthly Income Issue 2 | 60 Day | £1 | £1,417.91 | 0.40% (0.40%) |
Based on interest earned on £10,000 in 36 months to 6 April 2009
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