Moneyfacts warns savers to check savings rates

19 May 2005
Moneyfacts is warning savers to check their savings rates in the wake of rate slashes by several financial institutions.

The financial information provider has revealed that several banks and building societies have cut rates on their savings accounts - despite the fact that the base rate hasn't changed since August 2004.

Rates at some institutions have been reduced by between 0.10 per cent and 0.75 per cent, Moneyfacts claims.

"Although the base rate hasn't gone down, the same can't be said for some savings rates," said Rachel Thrussell, head of savings at Moneyfacts.

"Some of the cuts are quite substantial and savers need to keep an eye on the interest rate they are being paid and check whether they can get a better deal elsewhere."

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