Savings Accounts

Halifax has announced that it is reducing its core savings rates by up to 0.25%. Rachel Thrussell Head of Savings at Moneyfacts.co.uk the leading independent financial comparison site comments: “Whilst we have seen the launch of some competitively priced savings products this week, Halifax has bucked the trend by cutting rates on its core range.

Commenting on the launch of a range of new savings accounts this week, Kevin Mountford, head of savings at price comparison site moneysupermarket.com, said: “It has been a bumper week for savers, who now have two new market leading savings accounts to choose from –

Coventry Building Society launches Online Saver, a market leading, easy access, savings account that’s opened and operated online.

A new internet savings account from Skipton Building Society gives savers access to the mutual’s great interest rates at any time, day or night.

Chelsea Building Society has announced the launch of a new ClicknSave Fixed Rate Option on Saturday 10 November 2007.

The number of young people who have opened a savings account has doubled over the past six months, according to new research from Birmingham Midshires’ Saving Britain campaign.

AA Savings is firmly in the best buy league with launch of a brand new Telephone Access Account, matching its recently-launched Internet Access Account.

For nearly a year now, Skipton Building Society’s Christmas Saver account has been helping Britons prepare for the cost of the festive season.

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk, comments: “Unusually the last two months has seen a boom in the variable rate savings market, with rates rising and new accounts are being launched to top the charts.

Scarborough Building Society is rewarding branch-based savers with a market-leading new account paying up to 6.25% APR.

Bradford & Bingley has launched eSavings5 today, a competitive internet-only savings account, with no restrictions, designed to appeal to both large and small investors.

Scarborough Building Society is re-launching its competitive Direct Exclusive Saver account with an enhanced rate of 6.40%, gross APR (compared to 6.30% previously).

Leeds Building Society is set to launch a new postal savings account that combines a high guaranteed rate of 6.40% AER (6.35% gross) and unlimited penalty free access to funds for customers, at any time.

Leeds Building Society has launched a new online savings account for customers aged 50 or above which guarantees to pay Bank Base Rate plus 0.70%, currently 6.45%, until 30 April 2008 with unlimited access at any time, without notice or penalty.

Andrew Hagger, Head of news and press at Moneyfacts.co.uk comments: “Many people don’t have the time or inclination to switch their savings from one best buy account to another, even though new institutions and accounts continually appear.