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Moneyfacts launches best buy charts for savings accounts

16th July 2007 Print
Moneyfacts has been at the forefront of providing consumers with best buy information for more than 16 years. During this period the savings industry has changed beyond all recognition with increased competition from many new entrants who have made their mark on the territory once dominated by a few big high street players.

Consumers using have a far greater range of products to choose from than ever before and can select from 16 different savings best buy charts to find the best deals in the market.

Unlike some comparison sites, Moneyfacts best buy charts compare products that compete on a like for like basis. We don’t show accounts that are conditional on the purchase of a current account or other associated products and also don’t show so-called ‘instant access’ accounts where you lose an entire months interest for making a withdrawal.

We will only show products that have a bonus if it lasts for a minimum of six months and that make up no more than one per cent of the overall interest rate on offer.

Whilst many consumers make full use of best buy information and are happy to make the most of their savings by always choosing the most competitive rates, we have also listened to feedback from our customers and the media who also want details of providers that provide consistently high rates on their savings products. This information will be live on by the end of this week.

Moneyfacts quarterly savings report (most consistent accounts) as at 1 July 2007

Internet Savings (without bonus)

The Internet savings market has become an extremely competitive arena, partly due to new entrants such as ING Direct and Icesave muscling in on territory that has long been dominated by the traditional banks and building societies. Those consumers who have recently opened an account with Sainsbury’s Bank will be heartened to see that this current best buy account is also a consistently good performer over the last 18 months.

Peter Wood, Head of Savings at Sainsbury’s Bank commented: “It's great to see independent research validating our Savings approach of offering consistently good rates. Internet Saver which was launched 2 1/2 years ago, has always offered great value for money, without the need for short term bonuses or hidden catches and there's no doubt that this straightforward approach backed by the integrity of the Sainsbury's brand has strong customer appeal”

The Nationwide e-Savings account has been the most consistent performing Internet savings account over the last 36 months. It is currently paying 0.45% less than the best buy rate of 6.00% (as at 1 July), however some consumers may be prepared to settle for a slightly lower return in exchange for a reasonably priced product that is here for the longer term.

Matthew Carter, divisional director, mortgages and savings at Nationwide, said: " We believe most people want a consistent good rate of interest and at Nationwide, we make it easy for our savers. Our accounts don't have a host of restrictions or lure customers in with high headline rates that they manage down. Nationwide savers know the account they sign up to will offer genuine long-term good value. e-Savings has consistently offered a good rate since it was launched and our customers know they are getting real long-term good value from it."

No Notice savings accounts (without bonus)

The leading player in the 18 month category is Anglo Irish Bank, who are the only provider from either the 18 or 36 month category to still feature in the current best buys as at 1 July with an extremely competitive deal on its Easy Access account available from £1. The Chesham Building Society leads the way in the 36 month chart which is completely dominated by building societies, and their rate of 5.50% was only 0.10% outside the current top six at the time these figures were produced.

Notice savings accounts (without bonus)

Anglo Irish Bank have swept the board when it comes to notice savings, and you’ll see that their 7 day notice account is still a best buy and over both 18 and 36 months has left its competitors way behind.

Sheragh Beirne, Head of Retail at Anglo Irish Bank commented: “Anglo Irish Bank is delighted to see the results of this table as it clearly re enforces our position as a leading provider of savings products. Our consistently competitive returns on our savings continue to be a winner with new and existing customers, this makes Anglo Irish Bank, the savings bank of choice.“