Building societies retain consistency crown
Building societies have continued their dominance of the Moneyfacts Consistency Survey, accounting for almost four in five of the best deals in the savings market. Figures from the research have revealed that some 77% of the most consistent savings accounts are offered by building societies. "Building societies consistently offer value for money to their members. The reason they can do this is because they are owned by their customers, unlike banks that are run for their shareholders," Rachel LeBrocq of the Building Societies Association, told Moneyfacts Group "Building societies want to offer their members a good return over the long term, rather than a headline rate that disappears a few months later." Outstanding performers include Birmingham Midshires and Bath Building Society, both of which boast four products in the consistency tables. "Many building societies appear to be listening to customer's needs by keeping rates at consistent levels," said Louise Holmes, spokesperson for Moneyfacts.co.uk. "While some savers are happy to move their funds to achieve higher returns, many don't have enough time or simply do not want to keep moving accounts. These findings prove that savers feel most comfortable placing their hard-earned cash in an account that continues to pay a consistently good rate of interest, rather than one where a top rate is paid one minute and is withdrawn the next."