A financial advice specialist has urged those looking for a good savings rate in the current economic climate to do their research.
Martin Bamford, chartered financial planner at Informed Choice, said that there is currently a large discrepancy between the best and worst rates being offered on savings accounts, which consumers can take advantage of.
Fixed-rate products were also recommended as rates are low at the moment, although the expert did not advise locking savings in for longer than one year as the Bank of England base rate is likely to rise in 12 months.
He added: "If you are a cash saver, remain a cash saver but shop around and make use of your annual cash Isa allowance to ensure your interest is received gross rather than subject to income tax ."
Moneyfacts recently found that one in ten variable rate savings accounts have seen a drop in interest in the past year.
Shop around for the best savings rates, says expert
Financial Services > Saving Accounts > News
Shop around for the best savings rates, says expert
Tue, 10 Nov 2009
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