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Friday 28th March 2008
Britons with savings are increasingly benefiting from the credit crunch, it has been claimed.
Moneysupermarket.com research has found that since July, rates offered by banks to savers have increased significantly.
The trend can be attributed to lenders who are finding it increasingly difficult to borrow funding from the money markets instead competing for deposits from consumers.
As a result, they are now enjoying the best return on their money for nine months, according to Kevin Mountford, head of savings and current accounts.
He said: "Back in July, [savers] were barely getting any return above the base rate, but now they are consistently seeing rates one per cent or more above the Bank of England's figure.
"Add to that, the current accounts from Alliance & Leicester and Abbey paying eight per cent or more and savers have never had it so good."
Mr Mountford continued: "Banks know they need to increase their level of savings so they are now fighting for new customers."
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