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Interest rates continue to plummet - now it’s the turn of notice accounts

We’ve watched easy access account rates fall heavily over recent months, which in turn has made the humble and old fashioned notice account a new unlikely hero.

 
PRLog - Nov. 30, 2012 - While easy access rates plummeted, notice accounts have offered some of the best variable rates available – well above easy access and at times matching or even beating short term fixed rate bonds.

At the end of October the best notice account rate stood at 3.20% AER (Hanley Economic BS 180 day notice), however the current best rate has now dropped to just 2.75% AER for new customers.

“We haven’t seen the end of the savings rate slaughter. The good news is that, as with the majority of other savings accounts, these rate reductions are generally only of concern to new savers. However, Julian Hodge Bank has cut its rates twice since the beginning of October, for existing customers, on its once table-topping Extra High Interest Deposit account (90 days’ notice). But if they want to switch to somewhere else, those existing savers have to give 90 days’ notice to move their money – obviously that is the drawback with notice accounts.” says Anna Bowes of http://www.savingschampion.co.uk.  See ‘The Stats Bank’ below for more details*.

THE STATS BANK

Bank of England Base Rate: 0.50%

Inflation figures: CPI - 2.70%, RPI - 3.20%

Rate needed to beat CPI inflation = Basic rate tax – 3.38% / Higher rate tax – 4.50%

Number of accounts that match or beat inflation for a basic rate taxpayer =

· Easy Access – 0

· Notice Accounts – 0

· Cash ISAs – 29

· Fixed rate bonds – 1 in total (5 year bond)

* Recent rate cuts for Julian Hodge Bank Extra High Interest Deposit

10/10/12 – rates on the top tiers fell by 0.15% gross/AER

£10,000 - £49,000 – 2.90% gross/AER

£50,000 plus – 3.00% gross/AER

15/11/12 – rates on the top tiers fell again by a further 0.20% gross/AER

£10,000 - £49,000 – 2.70% gross/AER

£50,000 plus – 3.00% gross/AER

About SavingsChampion.co.uk:

Serving savers in three simple ways:

1 - Best Buy Tables (http://www.savingschampion.co.uk/best-buys/tables/) - Completely unbiased. Truly independent.

2 - Rate Tracker (http://www.savingschampion.co.uk/rate-tracker/1-minute-ra...) - http://www.savingschampion.co.uk/rate-tracker/1-minute-rate-check/ - Market leading free service. Take the one minute rate check.

3 - Rate Tracker Concierge (http://www.savingschampion.co.uk/rate-concierge/) - Finding the best rates, reducing risk and minimising hassle.

SavingsChampion.co.uk is dedicated to savers and savings accounts with the aim of producing a straight talking and simple to use site that is totally independent, completely unbiased and whole of the market.

SavingsChampion.co.uk monitors the whole UK savings market of over 4,000 savings accounts and 9,000 savings interest rates daily and via the unique free Rate Tracker service monitors movements in all registered users’ savings accounts.

SavingsChampion.co.uk is available for expert comment on a range of savings queries so please feel free to call. SavingsChampion.co.uk is happy to help where possible and holds a variety of statistics on all types of savings accounts so can run reports on request. If you publish content about savings accounts and would like to be included on the immediate list for press releases please email info@savingschampion.co.uk

SavingsChampion.co.uk provides a free Rate Alert service, which helps savers to keep up with the release of new savings products and interest rate changes as they happen in the whole market.

SavingsChampion.co.uk provides a fully managed savings portfolio service, Rate Tracker Concierge for a small fee for savers with £100,000+

For more information:

Anna Bowes:
0800 3213581 / 07887 481149 anna@savingschampion.co.uk

Susan Hannums:
0800 3213581 / 07887 998 984 susan@savingschampion.co.uk

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Source:Savingschampion.co.uk
Phone:08003213581
Zip:BA2 4BA
City/Town:United Kingdom - UK Mainland - United Kingdom
Industry:Banking, Finance
Tags:savings account, interest rate, UK, notice account, best buy
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