Rachel Springall Scotland pandemic reports experts Rachel Springall Scotland

Scots savers should act now as banks stop slashing rates - explained

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dailyrecord.co.uk

savers are being urged to switch savings accounts now as banks stop slashing rates. Rate cuts have been common during the pandemic, but banks seem to have taken their foot off the pedal recently, the Mirror reports.

June 2021 is the first month since October 2020 that average savings rates have not fallen, according to financial experts, Moneyfacts.

Rates with the typical one-year bond actually jumped from 0.44 per cent to 0.48 per cent.Meanwhile bonds of more that two years went up from 0.66 per cent to 0.72 per cent.Rachel Springall, finance expert at Moneyfacts, said: "Challenger banks have made notable improvements to fixed rate bonds and this has resulted in average rates improving on both the one-year and longer-term fixed bond.

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