UK Money News
9th May 2008
Study savings account terms closely, analyst warns
Consumers looking to open a savings account should pay close attention to its terms before committing to it, a price comparison site has advised.
Michelle Slade, analyst at Moneyfacts, said that the best way of ensuring this is to actively survey the accounts available and consider whether these meet your needs.
This is especially important, she added, if you feel you would like to have regular access to your money - a service that many account provider penalise customers for.
She continued: "If you go into a provider's branch or look on their website and you can get exactly what you want.
"Think about how exactly you are going to use the account. If you know you are going to need regular access, as you have in the past with a current or savings account, make sure you look for one that does have that."
Research conducted by Moneyfacts found that almost one-quarter of savings accounts have some strings attached, with some of these either reducing interest or paying none at all in the month that a withdrawal is made.
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