Building Societies Increase Savings Accounts Interest Rate Consistency Dominance

By: MoneyFacts

Two years ago, when Moneyfacts.co.uk started to monitor the most consistent savings accounts, building societies came out on top, taking 72% of the top places.

Despite the turbulent economic conditions that the last two years has brought, the building societies have continued to increase their dominance for consistent paying savings account, today taking 83% of the top places.

Key points of the July 2009 Moneyfacts.co.uk Consistency Survey:

• NatWest is the only high street bank to appear in the consistency charts. Its e-Savings account takes fifth place for internet account (without bonus) over 36 months.

• Most consistent no notice accounts over both 18 and 36 months is entirely made up of building societies, with the Beverley Building Society’s Postal Account continuing to take top spot in both charts.

• Teachers Building Society is the most consistent provider, with four accounts in the consistency charts.

For full details see appendix.

Louis Kaszczak, Head of Moneyfacts.co.uk commented:

“Many savers lead increasingly busy lives and they don’t have the time or inclination to continually chase best buy rates.

“Instead many would rather put their money in an account that continues to pay a competitive rate of interest, not one where top rates are paid one minute and are gone the next.

“While past performance doesn’t necessarily predict the future, the Moneyfacts.co.uk Consistency Survey does give savers an idea of the providers and accounts where rates are maintained.

“Building societies continue to increase their dominance of the savings market, with mutuals continuing to play fair with their members, offering the most consistent rates of return.

“The lack of presence of high street banks shows that savers need to look further afield to find the most attractive home for their money.

“Away from the high street, it may take a small amount of time and energy to find the best deal, but it is likely to be cost effective, particularly when you consider that a large proportion of the best buys are also made up of building society accounts.”

Internet savings accounts (without bonus)

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