Easy access rates to benefit savers

Updated on 03 July 2009 Source PA News Competition in the easy access savings account market is hotting up with the launch of two new best buy rates. Coventry Building Society has launched an eSave account for the over-50s paying interest of 3.25% fixed for a year with unlimited penalty-free withdrawals. It is joined by Alliance & Leicester, which is offering a new online saver with a rate of 3.15%. Five other easy access accounts have been launched during the past three weeks, while another five providers, including big names such as Intelligent Finance and ING Direct, have increased the rates they offer on existing ones. The changes mean there are now eight easy access accounts paying returns of more than 3%. Kevin Mountford, head of banking at moneysupermarket.com, said: "This level of activity is unusual given the Bank of... [read full story]                    

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