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“Local is best for savers”

Posted onPosted on 2nd Feb

People wanting the best regular savings rates would do well to consider local providers, like Mansfield Building Society. according to financial information business Defaqto.

Analysis by Defaqto revealed that some of the best regular savings rates currently on the market were being offered by small, local building societies.

It rated a straight-forward, regular savings account at The Mansfield as third best with a headline rate of 2.35%.

It said The Mansfield deal was one examples of small regional building societies that offer regular savings accounts with competitive rates to those residents living in their area.

Brian Brown, head of insight at Defaqto, said: “When looking for a safe home for our savings, it’s tempting to opt for a bigger, well-known high street financial institution with a name that we are familiar with.

“However, as Defaqto’s data shows, bigger doesn’t always mean better.

“Some of the best rates currently on the market are being offered by small, local building societies.

“Just as taste tests have shown that supermarket beans are not only as delicious (if not better) than their branded rivals, they are cheaper and offer much better value for money for shoppers.

“We believe the same can often be said about savings accounts.

“Those savers willing to look beyond the high street and try a smaller provider could discover a savings account with a more competitive rate.”