With the savings market in steady decline and interest rates at record lows, it’s hard to believe there is any upbeat savings news. But research by Moneyfacts.co.uk reveals that regular savings accounts have turned against the flow of rate cuts.
As a result, the average fixed regular saving rate has risen by 0.10 per cent in the last six months. Charlotte Nelson, finance expert at Moneyfacts, said: ‘It’s great news that regular savings accounts are seeing an improvement in rates, particularly as savers are currently struggling to get a decent return. These accounts are often overlooked as they require a monthly commitment. However, the fact is they pay far more than many other accounts on the market.
‘For example, someone who saves the maximum regular deposit in the best fixed rate regular savings account, which pays 6 per cent for one year, would earn a return of £119.17 per year. If they made the same regular deposit in the best paying easy access account, the interest rate of 1.45
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