Even though some of the major savings providers are cutting interest rates on their savings accounts, those wishing to start saving money can still find competitive deals, one expert believes.
The head of savings at independent financial website Moneyfacts, Rachel Thrussell, says that even though interest rates are being lowered, savings providers remain "selective" about which savings products are affected.
"In many instances, they still compete for the personal savings account market by offering headline rates to attract new customers," she points out.
Even though savings provider first direct has made interest rate reductions of up to 0.24 per cent on some of its savings accounts, Ms Thrussell says it still offers a headline rate of 4.89 per cent on its e-savings account, which remained unaffected.
"Existing customers should regularly check the interest rates on their accounts to ensure they are still getting the best deal," she continues.
Ms Thrussell advises those saving money to keep an eye on the best buy tables available in the national press or to consult price comparison websites like Moneyfacts.
Some savings interest rates still competitive, says expert
Some savings interest rates still competitive, says expert
Wed, 25 Jan 2006
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