UK Money News
16th January 2008
Savers 'should study the small print'
Consumers are being encouraged to ensure they read the small print on agreements for any savings account they open, to make sure they receive the help with money that they expect.
Personal finance product provider Nationwide has stated that many accounts offer good headline rates for regular savers, but have stringent rules in place to discourage withdrawals.
Matthew Carter, savings director at Nationwide, said: "We encourage consumers to ensure they completely understand the terms and conditions of the account they choose as some may find, if they make a withdrawal, the account could be closed altogether."
He contrasted the practice with Nationwide's own account, which does not close should savers miss payments or make withdrawals, or transfer funds into a lower-rated account after a fixed period.
Recent money news from Abbey, meanwhile, found that as many as 22 million Britons have raided their savings accounts to help out friends or family in need of assistance.
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