Finance Roll

New rules for banks and building societies in the UK will mean savers receive at least two months notice before their savings rates are cut. The changes follow a trend among banks to make banking and saving more efficient and simple for the customer (increased information about savings products are also being rolled out, as well as faster means for inter-account transfers) - but are the moves positive for everybody eager to save their money?

Independent money regulator, the Financial Services Authority (FSA), seem to think so. Dan Waters, as quoted at creditchoices.co.uk, stated: "New regulation will put banking customers in the driving seat by setting down clear standards that people can expect."

Further changes will give customers better protection against fraud, and will also make the process of obtaining refunds for unauthorised transactions easier than in the past. Yet, it also seems that these changes, which took place at the start of November, may have caused many banks and building societies to make some last minute quick cuts in order to make the most of an easier system before the new rules came in.

This notion is backed up by research from finance specialists, moneyfacts.co.uk. In data published recently, one in ten savings accounts were seen to have their rates cut even though the Bank of England base rate have remained at 0.5 percent since March. Additionally, during October alone, almost 4 percent of all accounts have had their rates cut.

Yet, despite this last burst of cuts, it will now seem that the future is looking fairly bright for savers - especially in terms of knowing how much return they are getting, and they will no longer be stung by out-of-the-blue changes. Consequently though, now is the best time for existing savers to review their current rates and to change accounts if necessary.

And for those who are not yet saving (recent research from Abbey have revealed that 28 percent of UK parents aren't doing so), now is a great time to make the most of an increasingly efficient and transparent savings market.