UK Money News
16th June 2008
Consumers warned of fluctuating returns of savings accounts
Consumers must closely study the terms offered by savings accounts if they are to ensure they are still benefiting from a market-leading rate, it has been claimed.
According to Sainsbury's the need to scrutinise the terms being offered on a savings account is essential since these often fluctuate, meaning that what was once deemed a "best buy" product is now nothing of the sort.
This was born out when the company compared the rates offered on the top ten accounts as identified by Moneyfacts.co.uk in 2005 with the terms the accounts offer now and found that seven of these accounts are now paying less than the Bank of England base rate.
At the time of the initial study, the accounts were paying an average of 0.48 per cent above the key base rate of interest.
Neil Cameron, savings manager at Sainsbury's Finance, said: "Rates on savings accounts move frequently so it's important to keep an eye on them and ensure that you are receiving a fair and competitive return.
"Savers should be aware that an account that features in today's best buys will not necessarily be such a great deal tomorrow."
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