Wealth workout: savers spoiled for choice with fixedrate bonds

The campaign to attract savers' money continues and this week sees even more providers increasing rates or launching new accounts paying increased rates of interest. By Michelle Slade of moneyfacts.co.uk A large number of changes are to online-operated accounts, where the average rate is now 0.99pc, nearly double the 0.5pc average on branch-based accounts. However, it is fixed-rate bonds that remain the product of choice for providers, with 72 product changes announced this week. By comparison, those looking for a regular income on their money from a variable-rate account are out of favour. Research from Investec Private Bank has shown that savers looking for monthly interest are going to struggle to find a competitive rate. On a balance of £25,000, 36pc of accounts pay just 0.5pc or less, and 6pc of accounts pay less than... [read full story]                    

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