The large number of savings accounts available in the UK could confuse many customers, an expert has warned.
Furthermore, the rate at which the savings accounts are created and ended could also serve to make matters more difficult, claims Dr John Ashton, a researcher at Norwich Business School.
Dr Ashton comments to Moneyfacts: "While customers relish more choice, picking between such a vast number of similar products is hard for many customers,"
"Introducing and withdrawing savings accounts with such regularity makes the UK savings market difficult to comprehend and use."
Dr Laura Costanzo, of the School of Management at the University of Surrey, claims that financial services providers are not willing to adopt "risky" strategies when developing savings accounts.
She adds that the large growth in the number of savings accounts is motivated by profit, while firms which seek to make the most profits produce more products.
A large number of one, two and three-year investment bonds , savings accounts and other opportunities are available, with many provided by former building societies .
Too many savings accounts could confuse, expert warns
Too many savings accounts could confuse, expert warns
Fri, 04 Aug 2006
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