It’s once again time for the release of the yearly Moneyfacts Star Ratings for personal current accounts, showcasing those bank accounts that have proven themselves worthy. This could be a great place to start for those looking to switch accounts.
With today’s figures showing that inflation increased to 2.70% in August, savers may be disappointed to know that less than 1% of the standard savings market can currently beat this measure of inflation.
Bad news for those looking for the longest possible interest-free term to help repay their card debts: the latest Moneyfacts Credit Card Treasury Report shows the number of balance transfer cards with 0% interest deals has fallen to a record low.
According to the latest Moneyfacts Savings Treasury Report, the number of savings accounts that pay more than the Bank of England base rate has fallen by 65, resulting in the lowest percentage of accounts paying over this measure in five years.
The Government has today launched a new scheme that should help people on low incomes to start saving. The scheme will incentivise saving by offering a bonus of 50p on every £1 saved, up to a maximum of £1,200 extra over four years.
While the ISA market has been weakening ever since the personal savings allowance came into force, the latest base rate rise doesn’t appear to have helped matters. Our latest data shows that fixed rate ISAs are still falling behind fixed bond rates.
This month sees the highest difference between the standard variable rate and fixed mortgage deals since March 2008, with the average SVR much higher than the average fixed rate offered on two-year deals two years ago.