Mutuals reign supreme on consistency

Michelle Slade, analyst at Moneyfacts.co.uk, comments: "The past few weeks have shown that the consequence of the credit crunch is not just a mortgage problem, but has now arrived on the doorstep of most savers as well. The collapse of a couple of major US banks and quick overnight mergers of a few other institutions have placed consumers in a state of confusion and doubt about the security of their hard earned savings.

"Moneyfacts.co.uk has witnessed an increase of 66.3% in visits to its savings pages in September alone and has received hundreds of direct approaches from the public, asking the same question "Is my money safe?"

"The Financial Services Compensation Scheme is complicated for most within the industry, let alone for the consumer, who would have never have thought that they ever needed to ask questions about their bank. We hope that the raising of the guaranteed amount to £50,000, which comes into effect on Tuesday 7 October, will raise confidence.

"These are unsettling times and as a result of the lack of liquidity in the market, generally savings interest rates are going up and down, depending on an each deposit taker's cash requirements. Our latest survey highlights those institutions that have rewarded their customers with consistent returns.

Highlights from the October 2008 savings consistency report:

Building societies have again increased their domination of the consistency charts, appearing 36 times out of a possible 48 (75%)

Internet Savings

Icesave (Easy Access Savings) has again dominated the top spot over 18 months, followed by Principality BS e-SAVER account, which was launched in March '07 just in time for the 18 months category. Sainsbury's Finance again holds hold on to the top spot over 36 months.

No Notice Savings (No bonus)

A category that is dominated by the Mutuals, Chesham BS has leaped up from sixth to first over 18 months. Teachers BS has taken the top spot over 36 months.

Notice Savings (No bonus)

Beverley BS has done the double by taking top spots in both categories over 18 and 36 months.

Cash ISA

Kent Reliance BS has retained the top spot over 18 months and has also secured the same position over 36 months.

"Moneyfacts.co.uk is the only comparison site which offers its customers a comprehensive choice of savings best buys. Whether consumers are looking for short term introductory bonuses or an account which consistently performs, they have access to both types of accounts."