/24-7PressRelease/ - LONDON, UK, October 03, 2007 - Many lenders in the UK loan market are raising their interest rates on mortgages and personal loans. The global credit crunch has its affect on the UK loan market also, intensifying a war in the savings market.
The credit crunch seems to have rejuvenated the savings market in the UK. Two building societies - Yorkshire and Principality have raised their savings rates by 0.25 per cent and 0.10 per cent respectively to 6.20 percent.
Money savers have an opportunity to act fast and grab the great deals on offer. The average Internet savings account rate being merely 4.79 percent, these savings rate presents a good opportunity to the savers.
Rachel Thrussell, head of savings at one of the reputed price comparison firms said: "In times of base rate stability, it is more common to see rates stagnate or even fall, so it is unusual to see a trend of providers paying increased rates outside a base rate rise. With the credit crisis appearing to have the savings market as a by-product, savers should act fast and snap up the great deals on offer."
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