Britons have been urged to steer clear of complex savings accounts, which often carry a number of extra fees.
Some savings accounts incorporate additional charges or conditions for withdrawal, such as loss of interest, tiered interest, or limiting the number of withdrawals a customer can make, warned Rachel Thrussel, head of savings at Moneyfacts.
Ms Thrussel also claimed that these savings accounts are often advertised as "instant access" or "no notice", which could leave savers in for a shock when they try to access their cash.
The expert advised that consumers should be careful when choosing a savings account, as their interest or savings pot could be damaged by these added charges.
"Take the time to look into the full terms and make sure your spending and savings habits match the account you choose," she remarked.
"There are some great rates out there, but don't sign up unless you are aware and happy with the associated terms and conditions."
Ms Thrussel recently remarked that 12-month savings accounts could be an "ideal solution" to save for Christmas 2007.
Simple savings recommended
Simple savings recommended
Thu, 30 Nov 2006
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