Great news for savers as provider increases interest rate – ‘really compelling’

Savings rates, experts have said, are recovering gradually – but at a slow and steady pace.

Data from Moneyfacts has shown not one average savings rate fell month-on-month.

This is likely to create a sense of optimism amongst generally downtrodden savers who have not had much to look forward to in the last year and a half. 

Rachel Springall, Finance Expert at Moneyfacts, offered further insight.

She said: “The savings market continues to move in a positive direction as rates across most of the savings spectrum improve at a slow and steady pace. 

“Savers who may be coming off a one-year fixed bond and wish to lock into a new deal will find notable improvements to the top rate tables over the past few months, and whilst the average return is 0.03 percent less than a year ago – it is still moving in the right direction and further away from the record low recorded in April this year. 

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