Fierce Rates War
Sunday, February 22, 2009 12:52
After months of bad news concerning credit crunch and recession, finally, there comes some good news.
After suffering months of falls in interest rates, the savers in the field can finally be poised to enjoy a bonanza of higher interest rates in the coming weeks, as desperate banks and building societies are now competing fiercely for cash to rebuild their balance sheets.
Financial institutions are offering higher competitive rates these days, hoping to be up there in the best-buy tables. For example, Abbey and Nationwide has just launched new leading fixed-rate bonds last week, and a cash Isa war is expected in the run-up to the end of the tax year. Halifax is believed to be planning to enter the fray soon.
According to experts in the field, it’s said that the toughest time for the savers is over now. Higher-rate products and more deals is expected to come in series this year.
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