Latest Debt News
Savers 'more than ever' need to check the terms and conditions
28/04/2008 14:15:00
A number of savings accounts are offering uncommonly good rates but subject to opening a poorer value product at the same time, a financial expert has warned.
Moneysupermarket.com said that many banks are now 'cross-selling' products and consumers should check the small print of contracts to see exactly what service they willl be receiving for their money.
Kevin Mountford, head of savings at price comparison site moneysupermarket.com, said that the number of options and breadth of products is "greater than ever".
"These accounts tend to offer a market-leading proposition on the basis you take on another product with the same provider, which may not be such good value," he added.
According to the financial advisor, Alliance & Leicester's premier regular saver account offers 12 per cent but only in conjunction with its current account that pays 1.5 per cent.
By contrast, their best current account pays 8.5 per cent.
Meanwhile, further research from the firm showed that up to £35 billion worth of debt is accumulated each year by British consumers in denial about their financial insecurity.
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