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The market is more competitive than ever and many of the leading providers passed on the full 0.25% to customers. These include the current table-topping savings accounts from: The ICICI HiSave account - 5.45%AER requiring a £1 minimum investment and guaranteeing to beat the base rate until December 31, 2007. The Icesave easy access account - 5.45%AER requiring a £250 minimum investment and guaranteeing to beat the base rate until October 01, 2009. However, balances below £250 only receive 0.5%AER. The Birmingham Midshires Internet easy access account - 5.45%AER requiring a minimum investment of £1. Be wary however, because this features a 0.65% bonus for the first year - after that period this account will not be so competitive. It would be remiss not to mention the Alliance & Leicester DirectSaver too, which offers THE leading rate of 5.64%AER. However, this does require a minimum investment of £5,000 and you would lose interest on any month you make a withdrawal, which could make the previously mentioned accounts a better option. Alternatively, if you’re certain about locking your money away consider a bond or term account. The likes of Anglo Irish Bank offer some tempting rates with 5.85%AER for a minimum investment of just £500. This vast competition has really exposed the providers who haven’t passed on the full rate. ING Direct received a lot of negative Press for not raising rates at all. Abbey also caused a few raised eyebrows by raising the rate on most of its savings accounts by 0.25%, while simultaneously hitting mortgage customers by raising borrowing rates by 0.34%. Thanks to online price comparison websites such as moneysupermarket.com there’s no reason to be stuck with a bad rate any more. So don’t just sit back and be short-changed by your bank or building society - take a full search of the market and make the most of what you’ve got. Article Source: http://www.articlewheel.com
To compare savings accounts and to find the leading savings account rates visit moneysupermarket.com
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