Savings rates have continued to fall despite the Bank of England base rate remaining unchanged since November 2001.
Selections of saving accounts on Moneyfacts' website show a cross-section of the best deals available in the savings market. Recent tables show a considerable decrease in the interest received by savers.
Cheque and internet-only accounts saw the biggest decrease between rates for January 2002 and current rates, with the top rate down 0.72% and 0.65% respectively. Monthly interest accounts, notice accounts and TESSA-only ISAs saw top rate decreases of 0.61%, 0.55% and 0.35%.
Considering such accounts are paying interest of between 3% and 5%, the cuts are substantial and reveal the downward trend in savings rates. With decreases in these best buy areas, similar cuts in other, less competitive product areas are also likely.
Listed details on savings and other accounts can be viewed at Moneyfacts website at www.moneyfacts.co.uk.