UK Money News
19th June 2008
Savers must 'look before they leap' when choosing accounts
Consumers looking to benefit from the increasingly attractive rates on savings accounts have been urged to closely scrutinise the terms before committing.
One consequence of the lack of liquidity in the money markets has been that banks and buildings societies have raised rates on their account offerings in a bid to attract more of the funding from retail deposits.
This trend has been borne out by research conducted by financial products rating agency has found that since December 2006 the rates offered on an easy access savings account has grown from 3.50 per cent to 3.81 per cent.
However, according to David Black, principal consultant of banking for Defaqto.com, many of these accounts often have hidden clauses which make them a significantly less attractive deal.
He said: "There are some exceptional deals available as many of the banks and building societies jostle with each other to secure mentions in best buy tables.
"It has been noticeable however that there are an increasing number of headline rate easy access accounts being launched with catches, such as limited withdrawal facilities or interest penalties, so consumers need to look carefully at the terms before they leap".
Defaqto also found the mean rate offered with a cash individual savings account (Isa) has increased from 4.92 per cent to 5.21 per cent.
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