UK Money News
28th April 2008
Consumers urged to be suspicious of headline-grabbing rates
Consumers should scrutinise the terms of savings account offers which depend on opening a current account with the same provider, a price comparison site has warned.
As a result of the credit crunch, banks have recently begun offering attractive rates of interest to savers in a bid to secure more funding from customer deposits rather than the money markets.
However, according to Kevin Mountford of moneysupermarket, many of these accounts are dependent on opening a current account which "may not be such good value".
He added: "With banks and building societies increasingly cross-selling products to boost their margins, there are now even more reasons to check the small print.
"Linked accounts can offer good value, but it is important that people look at the package as a whole rather than just being seduced by the lead offer."
Evidence of Mr Mountford's assertion is provided by Alliance & Leicester's Premier Regular Saver, which offers an interest rate of 12 per cent, but only if a current account is opened that pays just 1.5 per cent.
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