UK Money News
13th February 2008
Moneyexpert.com: 'Accounts with passbooks pay less interest'
Savings accounts which include passbooks pay significantly lower rates of interest, a price comparison site has found.
Research from MoneyExpert.com found that the average rate of interest paid on an instant access savings account without the book stands at 4.3 per cent on balances of £1,000 or higher.
However, for a similar account with a passbook, savers would typically receive a rate of 3.84 per cent - 0.5 per cent less.
Sean Gardner, chief executive of MoneyExpert.com, said: "Many savers like and value the security and certainty offered by a passbook with their savings account.
"However there is a cost for banks and building societies in providing passbooks and it is savers who are paying the price."
He added: "At a time when interest rates are being cut and are likely to be cut further a 0.5 per cent difference is significant."
Savers can find savings accounts with passbooks which offer interest rates comparable to those which do not, but this would necessitate thoroughly searching the market, Mr Gardner added.
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