The savings market is suffering in the economic upturn and top deals are disappearing, according to one expert.
Ed Bowsher, head of consumer finance at lovemoney.com, claimed that more funding for banks is allowing them to rely less on savings account holders for money and therefore withdrawing good value options.
Mr Bowsher explained that, although the recession brought a low-rate environment, interest on savings accounts were "relatively good" when taking inflation into account.
"[The market is] not as buoyant as it was two or three years ago, but things are beginning to ease up so [banks] aren't so desperate to get money from ordinary people and so a lot of the best accounts have been withdrawn," the expert said.
Moneynet.co.uk recently found that banks and building societies such as Britannia, the Co-operative, Principality and Cahoot have all closed high-interest fixed-rate savings bonds in the last week.
Savings account providers withdraw best deals
Financial Services > Saving Accounts > News
Savings account providers withdraw best deals
Mon, 14 Dec 2009
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