24 Nov 2024

Building societies retain consistency crown

Building societies once again reign supreme, taking 77% of the top spots in the Moneyfacts consistency survey.

The string of consecutive base rate cuts has resulted in lower returns for savers and the majority of the most consistent returns are provided by the same providers.

Moneyfacts consistency survey April 2009:

Bath BS, Halifax, Principality BS and Teachers BS take the title of most consistent providers
Sainsbury’s Finance’s Internet Saver continues to be the most consistent internet account
Beverley BS Postal Account retains the title of most consistent no notice account over both 18 and 36 months

See appendix for full consistency details.

Michelle Slade, analyst at Moneyfacts.co.uk, commented:

“Many savers don’t have the time or inclination to keep switching between accounts to secure best buy rates. Instead they look for an account offering a competitive rate of interest which is maintained despite market movements.

“With so many changes in the market recently, consistency has become more important than ever with many accounts paying best buy rates one minute but gone the next.

“Taking more than three quarters of the top spots, building societies once again increase their dominance in the Moneyfacts consistency survey. Savers looking to make the most of their money shouldn’t just look to their bank for their savings needs.

“It is encouraging to see the Halifax doubling its presence to become one of the most consistent providers, as no other high street bank features in the top spots.

“Sainsbury’s Finance continues its dominance of the internet savings market, with its Internet Saver taking top spot for the fifth quarter running.

“With base rate at an all time low, it is inevitable that savers are seeing lower returns than this time last year, but by putting in a small amount of work to find the best home for your money, you could avoid being hit so harshly.”

Appendix

Cash ISA

Most consistent accounts over the last 18 months

Company	Account	Term	Min Deposit	Total Interest	Gross % (AER) as at 6.4.09
Tipton & Coseley BS	Premier ISA	30 Day	£3600	£260.57	*2.00% (1.87%)**
Principality BS	e-ISA	None	£1	£243.07	1.80% (1.80%)
Kent Reliance BS	Direct Cash ISA	None	£1	£237.51	1.42% (1.42%)
Earl Shilton BS	90 Day Cash ISA	90 Day	£10	£232.94	1.95% (1.95%)
Yorkshire BS	e-ISA	None	£10	£230.58	1.90% (1.90%)
Saffron BS	180 Day ISA Issue 2	180 Day	£1,000	£228.53	1.05% (1.05%)

* = Introductory rate for a minimum of 6 months.

Based on interest earned on £3,000 in 18 months to 6 April 2009

Most consistent accounts over the last 36 months

Company	Account	Term	Min Deposit	Total Interest	Gross % (AER) as at 6.4.09
Tipton & Coseley BS	Premier ISA	30 Day	£3600	£522.36	*2.00% (1.87%)**
Kent Reliance BS	Direct Cash ISA	None	£1	£505.40	1.42% (1.42%)
Yorkshire BS	e-ISA	None	£10	£493.78	1.90% (1.90%)
National Savings & Investments	Direct ISA	None	£100	£493.19	1.30% (1.30%)
Earl Shilton BS	90 Day Cash ISA	90 Day	£10	£491.20	1.95% (1.95%)
Leek United BS	Cash ISA	Instant	£1	£484.44	2.00% (2.00%)

Based on interest earned on £3,000 in 36 months to 6 April 2009

Internet savings accounts (without bonus)

Most consistent accounts over the last 18 months

Company	Account	Term	Min Deposit	Total Interest (Gross)	Gross % (AER) as at 6.4.09
ICICI Bank UK	HiSAVE Savings	None	£1	£84.94	2.43% (2.46%)
Yorkshire BS	Internet Saver	Instant	£1	£80.68	2.10% (2.10%)
Principality BS	e-SAVER	None	£1	£80.36	1.65% (1.65%)
Birmingham Midshires	Direct Internet Savings	None	£1	£72.65	1.40% (1.40%)
Sainsbury’s Finance	Internet Saver	None	£1	£71.50	0.75% (0.75%)
Saffron BS	e-saver Issue 2	None	£1,000	£69.02	0.60% (0.60%)

Based on interest earned on £1,000 in 18 months to 6 April 2009

Most consistent accounts over the last 36 months

Company	Account	Term	Min Deposit	Total Interest (Gross)	Gross % (AER) as at 6.4.09
Sainsbury’s Finance	Internet Saver	None	£1	£158.01	0.75% (0.75%)
Nationwide BS	e-Savings	None	£1	£149.88	0.45% (0.45%)
Coventry BS	NetSave Instant lll	Instant	£1	£142.08	0.50% (0.50%)
Norwich & Peterborough BS	NetmasterGold Save ll	None	£1	£139.59	0.50% (0.50%)
Halifax	Web Saver	None	£5,000	£134.38	0.15% (0.15%)
Halifax	Web Saver Cash Card	Instant	£10	£132.82	0.25% (0.25%)

Based on interest earned on £1,000 in 36 months to 6 April 2009

No Notice savings accounts (without bonus)

Most consistent accounts over the last 18 months

Company	Account	Term	Min Deposit	Total Interest (Gross) 18 months	Gross % (AER) as at 6.4.09
Beverley BS	Postal Account	None	£5,000	£756.02	1.65% (1.65%)
Teachers BS	Call Save	None	£1	£732.29	1.60% (1.60%)
Birmingham Midshires	Direct Telephone Savings	None	£1	£726.44	1.40% (1.40%)
Bath BS	Direct Saver	None	£2,500	£703.10	1.70% (1.70%)
Stroud & Swindon BS	Premium Reward Issue 2	Instant	£5,000	£675.32	0.50% (0.50%)
Derbyshire BS	EasySave Tracker Issue 2	None	£100	£674.55	0.50% (0.50%)

Based on interest earned on £10,000 in 18 months to 6 April 2009

Most consistent accounts over the last 36 months

Company	Account	Term	Min Deposit	Total Interest (Gross) 36 months	Gross % (AER) as at 6.4.09
Beverley BS	Postal Account	None	£5,000	£1,591.55	1.65% (1.65%)
Teachers BS	Call Save	None	£1	£1,563.60	1.60% (1.60%)
Bath BS	Direct Saver	None	£2,500	£1,515.97	1.70% (1.70%)
Britannia BS	Direct Saver	None	£100	£1,491.78	0.50% (0.50%)
Chesham BS	Save Direct 2nd Issue	None	£2,500	£1,481.17	0.75% (0.75%)
Principality BS	Postal	None	£1	£1,441.44	0.50% (0.50%)

Based on interest earned on £10,000 in 36 months to 6 April 2009

Notice savings accounts (without bonus)

Most consistent accounts over the last 18 months

Company	Account	Term	Min Deposit	Total Interest	Gross % (AER) as at 6.4.09
Chesham BS	Save Direct 90	90 Day	£10,000	£747.73	1.25% (1.25%)
Teachers BS	Minster 90 Plus	90 Day	£5,000	£684.01	1.00% (1.00%)
National Counties BS	Direct 90 Notice	90 Day	£5,000	£678.25	1.41% (1.41%)
Halifax	Extra Income Saver	90 Day	£5,000	£665.68	0.25% (0.25%)
Buckinghamshire BS	Chiltern Gold Notice 90	90 Day	£100	£661.70	1.15% (1.15%)
Bath BS	Lifestyle 60	60 Day	£5,000	£656.89	1.35% (1.35%)

Based on interest earned on £10,000 in 18 months to 1 January 2009

Most consistent accounts over the last 36 months

Company	Account	Term	Min Deposit	Total Interest	Gross % (AER) as at 6.4.09
Teachers BS	Minster 90 Plus	90 Day	£5,000	£1,481.00	1.00% (1.00%)
National Counties BS	Direct 90 Notice	90 Day	£5,000	£1,459.38	1.41% (1.41%)
Halifax	Extra Income Saver	90 Day	£5,000	£1,458.50	0.25% (0.25%)
Buckinghamshire BS	Chiltern Gold Notice 90	90 Day	£100	£1,429.56	1.15% (1.15%)
Bath BS	Lifestyle 60	60 Day	£5,000	£1,422.84	1.35% (1.35%)
Principality BS	Monthly Income Issue 2	60 Day	£1	£1,417.91	0.40% (0.40%)

Based on interest earned on £10,000 in 36 months to 6 April 2009

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.

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