Savings accounts are disappearing rapidly as the expected cut to the base rate draws closer, says the Guardian. Moneyfacts, a data provider, found that 13 best buy savings deals were withdrawn in July – and have yet to be replaced. These include a three-year bond from Saga at 1.8 per cent and other deals from Virgin Money. The Post Office, too, has scrapped its top-paying three-year bond. Savers will be badly affected if the Bank of England cuts the base rate to 0.25 per cent as anticipated, the paper warns. On the other hand, borrowers are likely to do well. Moneyfacts found that mortgage rates have dropped to a new low of 2.48 per cent on an average two-year fixed rate deal – down from 2.68 per cent a year ago.
The Independent leads with news that home ownership has fallen to its lowest level since 1986.
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