Saving rates still falling

It has not been a Happy New Year for savers as average savings rates started 2021 by falling to new record lows, according to analysis.

Research by Moneyfacts. co.uk found that savings rates – which had previously slumped to record lows in December – have edged further down in January.

The average easy access savings rate is now just 0.18%, down from 0.19% in Decemberandlessathirdofthe0.59% average easy access savings rate recorded a year ago.

A typical easy access Isanowpays0.25%-downfrom 0.27% in December 2020 and 0.85% in January 2020.

RachelSpringall,ofMoneyfacts, said: "If savers would do well to keep a close eye on the market and sign up to rate alerts, as the market remains unpredictable."