Savers are being advised not to touch their savings accounts by a financial advisory firm in order to benefit from the best rates of interest.
Equanimity, an independent body, has commented that bank accounts that do not allow the customer to touch their money offer the highest interest rates , although the organisation stated the best way to save is dependant upon an individual's tax situation.
"There are lots of new bank accounts out now where you can't touch the money for 12 months or 24 months but they offer really good rates of interest," Helen Howcroft, a spokesperson for Equanimity, remarked.
Ms Howcroft claims there are numerous ways to save, naming pensions schemes, individual savings accounts and premium savings accounts as just some of the ways a consumer can start to put money away for the future.
The most favourable route to saving varies for each individual depending on their tax situation, she claims.
Yesterday, a new savings account was launched by the Bank of Scotland offering a fixed rate of 6.35 per cent for one year on balances between £100,000 and £1 million.
Savers warned not to touch their stashed cash
Savers warned not to touch their stashed cash
Tue, 14 Aug 2007
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