The recent Moneyfacts data has revealed an increase in average rates following major fixes in the banking sector. This is good news for consumers as it means that they can now access more competitive rates for their savings and loans.
The Moneyfacts data showed that the average rate for savings accounts had risen from 0.76% to 0.82%, while the average rate for loans had risen from 3.78% to 4.02%. This is a significant increase, especially when compared to the same period last year when the average rate for savings accounts was just 0.71% and the average rate for loans was 3.64%.
The increase in rates is largely attributed to the recent changes in the banking sector, which have seen banks become more competitive in order to attract customers. Banks have been offering more attractive rates on savings and loans in order to entice customers away from their competitors. This has resulted in an increase in the average rates across the sector.
The Moneyfacts data also revealed that the number of banks offering competitive rates on savings and loans had increased significantly. This is a positive sign for consumers as it means that they have more choice when it comes to finding a good deal.
Overall, the Moneyfacts data shows that the banking sector is becoming more competitive and that consumers are benefiting from this. The increase in average rates is a welcome development, as it means that consumers can access more competitive deals on their savings and loans. This is good news for those looking to get the most out of their money.