An expert has suggested that financial providers will look to offer "creative" products this year, yet rates will remain the most important factor for consumers.
Kevin Mountford of moneysupermarket.com said that the Northern Rock situation will have "repercussions" for the savings account market, as consumers look to ensure their funds are secure.
Meanwhile, lower Bank of England base rates may prompt providers to "recoup margins" as they also look to boost retail funds, Mr Mountford suggested.
As providers offer new types of products, consumers will need to "look more closely" at the features, terms and conditions providers offer with their current and savings accounts, he added.
"Rate though will remain the highest priority for consumers," he remarked.
In related news, Birmingham Midshires recently reported that 87 per cent of the 2,000 people it questioned said they have saved money at their usual level in the last three months.
Although 13 per cent admitted they had stopped saving during this period, eight per cent attributed this to uncertainty within the market.
Rates to remain "highest priority" for savers
Rates to remain "highest priority" for savers
Mon, 17 Dec 2007
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