Bangor Savings Bank, which is part of the savings and loan associations of Bangor, has the best rate of return for savings banks, according to a survey of 100 banks and savings associations.
Bangor’s savings and loans association surveyed 50 banks, including two of the big three banks, Royal Bank of Scotland and Nationwide.
It found savings and lenders earn a total return of around 4.7% on deposits of $10,000 and less than 4% on loans of $1 million or more.
The bank also found the average rate of returns for all bank loans was 1.6% on average.
Saving bank ratesIn comparison, Bangor bank’s rate of interest was 0.9%, compared to 3.4% for the top three banks.
The savings bank rate was 2.3%, while the banks loan rate was 1% per annum.
Bangor’s bank rate of 3.5% was a record, with other banks in Scotland and Wales, Ireland and Northern Ireland all beating it.
The bank also scored highly on savings and lending to women, with an average of 2.8% for female savings borrowers and 0.8%, for female borrowers with more than one child.
Bangobank is the fourth bank in the survey to earn the top rate of 4.5%.
In terms of its return on savings, the bank has the lowest average return of any of the banks surveyed, and the lowest rate of deposit return, with only a 1.2% rate.
The average rate at which deposits are returned to the bank, meanwhile, is only 0.1% and the bank’s average return on loans is 0.4%.
The survey also found that the average bank lending rate was 0,2%, compared with 1.9% for Royal Bank.
Bangore Bank also scored the highest return of 1.7%, with a rate of 0.5%, and a rate on loans at 1.3%.
Bangor Savings and Loans Association CEO, David Wark, said the results of the survey showed the bank was attracting more customers and that there were still “strong demand for bank services from people across the UK.”
“As a result, our growth is very strong and we are seeing a strong number of deposits and loans coming in to the Bangor Bank,” Mr Wark said.
“We have seen a surge in demand for the service and a large number of our customers have now moved into the savings bank to benefit from the excellent returns.”
The survey, commissioned by the Bangoro Banking Group, found that of the bank industry’s four largest, three are also the biggest savings banks.
The other three are Royal Bank, Lloyds Banking Group and Bank of Ireland.