News

22/10/2009 13:29:59

Building societies praised for 'saving consistency'

Building societies could prove to be an effective place for people to invest when saving for the future, new research indicates.

Figures published by Moneyfacts reveal that more than three-quarters (77 per cent) of the saving accounts with the most consistent rates of interest for the past 18 months were provided by such financial services firm.

Birmingham Midshires and Bath Building Society were particularly praised, with each having four products featuring in the firm's consistency tables.

"Savers have experienced a tough time recently and have found it difficult to find or rely on an account paying a consistently good rate," Louise Holmes, spokesperson for Moneyfacts, states.

However, she points out that many building societies "appear to be listening to customers' needs" by maintaining their rates.

Ms Slade claims that people feel more comfortable placing their money in an account which offers a consistently good return, rather than one which temporarily offers a high rate only for this to be withdrawn at a later date.

Such news comes as a recent Nationwide study revealed 20 per cent of people believe now is an ideal time to save money.