Kevin Mountford, head of banking at moneysupermarket.com, said: "The consensus is that the Bank of England will cut base rate further, and many savings providers are pre-empting this move and pulling their top fixed rate bonds. A cursory glance at the best buy tables today, compared with those of just two months ago, confirms this.
"As recently as August the top 10 best-buys were populated entirely with seven per cent plus products, yet by the end of October only a small handful will offer rates of seven per cent or more. Currently perched at the top of this table is ICICI's HiSAVE bond at 7.20 per cent, but news that this rate will be removed at the end of the month means the table will be dominated by Anglo Irish Bank, with three products inside the top ten.
"The lack of non-UK banks in a table which was once full of the likes of Kaupthing and FirstSave demonstrates that the days when foreign banks continually trumped UK providers with headline grabbing rates are over. ICICI's HiSAVE bond may just be the last domino to topple."
Kevin Mountford's top tip for savers: "If you want a solid rate, the sooner you lock in, the better as it's highly likely we'll see more rates disappearing. But be careful to spread any savings above £50,000 across a range of institutions, to ensure that your money is not at risk should another bank collapse. And remember to check the levels of compensation you'd be entitled to, and how you should claim it, should that institution fail."
|
Fixed Rate Bonds - Current Top 10 |
|
|
|
|
Provider |
Account |
AER |
Minimum Investment |
Term |
|
ICICI Bank |
HiSAVE Fixed Rate Account |
7.20%
(Rates being replaced 29.10.2008) |
£1,000 |
1 Year |
|
Anglo Irish Bank |
UK Fixed Rate Bond |
7.06% |
£500 |
9 Months |
|
Anglo Irish Bank |
UK Fixed Rate Bond |
7.05% |
£500 |
1 Year |
|
AKBANK N.V. |
AK Deposit Account |
7.00% |
£1 |
1 Year |
|
Anglo Irish Bank |
UK Fixed Rate Bond |
7.00% |
£500 |
2 Years |
|
Halifax |
Fixed Rate
Halifax Web Saver |
7.00% |
£500 |
3 Months |
|
Birmingham Midshires |
6 Month
Fixed Rate Bond |
6.97% |
£1 |
6 Months |
|
Bank of Cyprus UK |
Bank of Cyprus
UK Bond
(24th Issue) |
6.86% |
£1 |
6 Months |
|
Hampshire Trust |
6 Month Fixed
Rate Savings
Bond (Issue 9) |
6.81% |
£1,000 |
6 Months |
|
ICICI Bank |
HiSAVE Fixed
Rate Account |
6.77% |
£1,000 |
2 Years |
|
Fixed Rate Bonds - Top 10 05.08.2008 |
|
|
|
Provider |
Account |
AER 05.08.2008 |
AER Now |
|
Alliance & Leicester |
Premier 50
Fixed Rate Bond
(Available to over 50's
who hold a Premier
50 Current Account) |
7.50% |
Withdrawn |
|
ICICI Bank |
HiSAVE Fixed
Rate Account
(1 Year) |
7.20% |
7.20%
(Rates being replaced 29.10.2008) |
|
Kaupthing Edge |
Fixed Term
Deposit Account |
7.15% |
Withdrawn |
|
FirstSave
Part of First Bank of Nigeria Plc |
Fixed Rate Bond |
7.10% |
Withdrawn |
|
Anglo Irish Bank |
UK Fixed Rate Bond |
7.06% |
7.06% |
|
Icesave |
Fixed Rate Savings
Account |
7.06% |
Withdrawn |
|
Post Office |
Post Office Growth
Bond |
7.05% |
Withdrawn |
|
Anglo Irish Bank |
UK Fixed Rate Bond |
7.05% |
7.05% |
|
cahoot |
fixed rate bond (issue 1) |
7.01% |
Withdrawn |
|
Halifax |
Fixed Rate
Halifax Web Saver
(6 Months) |
7.00% |
6.00% |
|
Sourced by
www.moneysupermarket.com
27.10.2008 |
|
|
|
Download This Press Release
Download as RTF
Related Links
