Savings accounts flourishing, expert claims

Fri, 18 Jul 2008

The savings account market continues to flourish, according to one expert.

Michelle Slade, analyst at Moneyfacts.co.uk, explains that rates on savings accounts are up to 1.3 per cent higher than they were in December 2006 - the last time the base rate was at the level it is now.

She said: "People with existing savings or those starting to save, including first time buyers saving their deposit, find themselves in a strong position as the banks and building societies continue to fight to tempt savers through their doors."

Anyone who is in a position to save should shop around to make sure that they get the best possible savings account for their needs, she added.

Institutions will not even advise people if they can get a better savings account without changing providers, so people must keep on their toes, she stated.

Yesterday, David Black, principal consultant of banking for Defaqto, stated that a basic rate taxpayer will need to get a gross return of 5.75 per cent from a savings account to prevent inflation eroding their money .
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