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12/09/2008 15:45:19

Savers 'benefit' from Northern Rock situation

Savers are reaping the rewards of the Northern Rock failure according to one industry analyst.

Those putting money away have been "constantly rewarded" with rates climbing even as the base rate falls, explains moneysupermarket.com.

Its figures show that the best easy access product pays 6.56 per cent - 1.56 per cent higher than the base rate, while the fixed-rate bond market now offers a rate of up to 7.2 per cent.

Head of savings Kevin Mountford says: "Cash savers really have had the last laugh.

"Wile the base rate has been falling, the average rate on savings accounts has been steadily climbing as providers seek to shore up their books."

He explains that as long as the demand for retail deposits remains high, savings rates will stay high.

A year ago Northern Rock revealed it had run out of funds and asked the Bank of England for £25 million to bail it out.

The announcement saw customers queuing to withdraw their savings from branches.

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