With a growing number of international banks offering personal finance services in the UK, one expert has outlined a number of things people ought to consider when opening a savings account .
Brian Capon, spokesperson for the British Bankers' Association (BBA), urged people to think about what it is they want from their bank overall, be it is a current, deposits or savings account .
"Also, you may need to look beyond the headline rate when looking at choosing a bank; are there any limitations or conditions to getting that interest rate," he recommended.
When it comes to international banks, consumers need to find out the level of protection they are entitled to, although most will be fully authorised by the Financial Services Authority, Mr Capon stated.
The Times recently reported that the number of international banks providing savings accounts in the UK increased earlier this month, with several organisations offer rates higher than six per cent.
Many things to consider when opening a savings account, says expert
Many things to consider when opening a savings account, says expert
Fri, 29 Feb 2008
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