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Banks targeting savers in face of crunch

Banks are offering increasingly attractive returns to savers as competition for retail deposits heats up, it has been claimed. Since the onset of the credit crunch, which has impacted heavily on lending between banks, financial institutions have targeted savers as a potential source of funding.This has prompted a substantial increase in the rates on offer on savings products, according to research firm Defaqto. The firm's research found that the best rate on offer on a six-month fixed rate bond of £10,000 is now 6.86 per cent. This compares with a top rate of 5.27 per cent in November 2006, which was the last time that the key base rate of interest was at its current level of five per cent. David Black, principal consultant at Defaqto's banking division, said: "With many people thinking the base rate is likely to fall further this year some of the fixed rate products available now look outstanding value."

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