Press release

Savingschampion.co.uk press release

Halfway through 2017, building societies continue to outperform banks in the return that they offer to savers

Independent savings advice site Savingschampion.co.uk issued a press release today which shows that halfway through 2017, building societies continue to outperform banks in the return that they offer to savers.

In the release they say that: 

As a group, building societies continue to outperform banks in a number of key areas, figures produced by Savings Champion has shown.

Significantly more building society accounts (81%) pay a higher interest rate than the base rate in comparison to banks (55%), a trend that was apparent throughout the last five years and has continued into 2017.

Whilst rates throughout the market have continued to fall over the last five years, particularly following the base rate reduction nearly a year ago, the average variable rate paid by banks has dropped by nearly 10% more than the average paid by building societies in that time.

In fact, during 2017 the average interest rate paid by building societies is nearly a quarter of a percent higher than the banks, showing a clear gap between the two groups.

The full text of the press release can be found at Savingschampion.co.uk.