Savers: Check Your Rates Regularly and Reap Rewards!

News provided by

moneysupermarket.com

25 Jul, 2012, 10:15 GMT

CHESTER, England, July 25, 2012 /PRNewswire/ --

  • One in six fail to check their savings rates
  • 11 easy access savings accounts now beat inflation
  • 10 per cent don't save currently

With the recent fall in the Consumer Price Index (CPI) to 2.4 per cent meaning more savings accounts now beat the eroding effect of inflation, the UK's number one comparison site MoneySupermarket urges savers to check their rates to avoid missing out on the best deals currently available.

A poll* by MoneySupermarket asked its users whether they check their savings rates and found one in six (16 per cent) fail to check - with the majority of this group admitting they mean to check but keep forgetting (84 per cent). One in ten of those polled say they don't save at the moment (10 per cent).

However, many savers are making the most of their savings pots, as nearly a fifth of all those polled (21 per cent) always check they are on the best deals. A further 24 per cent check their rate when it's due to expire.

Eleven easy access saving accounts now beat inflation- the first time this savings vehicle has beaten the effects of inflation since November 2009. This includes the ING Direct Savings Account which currently offers 3.24 per cent. Someone saving £10,000 would earn £324.00 in interest, compared to £21.00 to if they remained languishing on the average rate of 0.21 per cent**.

Kevin Mountford, head of banking, at  MoneySupermarket.com, said: "It is vitally important savers check their rates and be prepared to switch if they are not on the most competitive deal. The difference between the average and top paying rates can be significant so moving to a better deal can go a long way to help maximise the return to consumers from their savings.  Unfortunately, some providers don't always make it as easy as it should be for customers to check the rates on their savings- this should be something they should do as a matter of course.

"It really is great news that after three years, eleven easy access accounts can once again help savers to beat the eroding effect of inflation. Savers should take note that as inflation decreases, they can reap rewards from their savings just by taking action and spending a few minutes researching the latest rates available, especially as every penny made to the savings pot can make a real difference.

"If you are a UK taxpayer, and haven't used your 2012/13 ISA allowance yet, then you can make your savings go even further."

Notes to Editors

*MoneySupermarket webpoll

Do you check your savings rates?

  • Yes - I check them regularly enough - 29.4%
  • Yes - I always check I'm on the best deal possible - 21%
  • Yes - I check my rate when it's due to expire - 23.5%
  • No - I mean to but keep forgetting - 13.5%
  • No - But I will now inflation has fallen - 2.6%
  • No - I don't save at the moment - 10.1%

Total votes: 1112

Poll ran from Wednesday 18th to Wednesday 25th July 2012

**Bank of England average easy access rate

MoneySupermarket.com compares (at 20th June 2012)

  • 100 car insurance providers and 81 home insurance providers
  • 12 broadband providers and 18 energy providers   
  • 32 unsecured loan and 6 secured loan providers
  • 58 mortgage lenders and 28 credit card providers
  • 67 savings providers and 37 current account providers.
  • Over 1,700,000 mobile phone deals

Our customers

We help our customers to save money on all of their household bills by providing a free, easy to use online service so they can compare a wide range of products in one place and find the product most suited to their needs. Our size means we are able to offer our customers exclusive, market-leading deals, including some they can't even get direct from providers.

Our providers

By having considerable volumes of informed customers actively looking for products and ready to purchase, we offer our providers an efficient and cost effective customer acquisition solution across all of our channels. This enables our providers to target their marketing spend in an effective and completely measurable way.

Our revenue comes predominantly from fees paid to us by product providers when a customer clicks through to their website and actually applies for or purchases a product. It is a success based marketing fee.

Our customer commitment

  • We make it easy to find the brands you expect to see
  • We strive to ensure a product cannot be found cheaper by going direct
  • We let you remain in control of your personal data
  • We are independent and impartial
  • We make it easy to switch and save
  • We strive to always show the most competitive product available

For further information please contact:


Paul Lawler
PR Manager Financial Services
+44(0)1244-370317
+44(0)787-237-9545
paul.lawler@moneysupermarket.com