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'Fantastic rates' available for savers

Savers are currently faced with a plethora of competitive high-interest accounts, Moneyfacts.co.uk pointed out yesterday.

Banks attempting to "maintain customers' loyalty" was credited by the financial website for the high rates - which exceed six per cent for some accounts.

However, Moneyfacts.co.uk also pointed out wide disparities between banks' in-credit rates for basic bank accounts and the rates offered to savers.

For example, a balance of £2,000 yields £119 more over twelve months for Alliance & Leicester customers putting the money in its eSaver account rather than its Instant Access.

A gap of over £100 was also seen when saver and mainstream products from Citibank, Bradford and Bingley and Halifax were compared.

Commenting, Moneyfacts.co.uk analyst Michelle Slade said: "The credit crunch has seen institutions upping their game and launching products offering fantastic rates, the result being that some institutions now have in excess of 20-plus products to choose from.

"At a time when banks and building societies are trying to maintain customer’s loyalty, you would expect them to advise customers that they could be getting a much better rate."

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