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Savings rates begin to improve


Savings rates, which have been at a record low for years, are finally beginning to edge upwards, according to research from Moneyfacts.

The average interest rate on Moneyfact’s top ten savings accounts has risen from 1.39% a year ago, to 1.48% now. As savings rates have seen their record low for years now, the website believes the small rise “restores hope” in the market. The change also comes before the potential interest rate rise, which most industry experts have predicted will come in 2016.

The research from Moneyfacts also found that although savings rates may be improving, providers are increasingly placing tighter controls on how often a customer can access their savings, even in “easy access” savings accounts. In some cases, savers are only able to access their money three times a year without any consequences.

Moneyfacts have now suggested that the Financial Conduct Authority should investigate the matter on behalf of the consumer.

Charlotte Nelson, a finance expert at Moneyfacts, said:
"Perhaps it's time the FCA started to look more closely at these restrictive accounts - transparency will only go so far after all.
"However, while this is great news for any saver looking to maximise their returns, savers may be disappointed to find out that many accounts are now limiting access to their funds, with restrictions varying from a maximum of 150 withdrawals per year to just one."

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