People who want to start saving money have been urged to consider shopping around to find accounts that offer high interest savings rates.
According to a survey of financial services providers from financing portal Find.co.uk, those customers who are using current accounts with the highest savings rates are currently getting 5.45 per cent on their investments.
By way of comparison, those using accounts with the lowest rates currently receive 0.1 per cent on their savings.
Kate Marsden, marketing director of Find.co.uk, has urged people to compare the market to find the best banking deals around.
"If you fail to shop around, your money could be missing out on up to 5.35 per cent interest," she said.
"So don't be a mug and allow your money to languish in one of the accounts paying only 0.1 per cent interest."
Alternatively, people wanting to benefit from tax free savings may wish to consider opening an individual savings account.
These were introduced by the government in 1999 as a successor to personal equity plans and tax exempt special savings accounts and permit people to invest up to £7,000 in cash and shares every year.
Consumers urged to shop around for competitive savings rates
Consumers urged to shop around for competitive savings rates
Fri, 12 Jan 2007
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