An expert has suggested that the rates of interest available on savings accounts can change quickly, meaning some consumers may not be getting the best deal.
Research by Sainsbury's Bank found that a number of savings accounts that were considered "best buys" three years ago are now paying less than the base rate set by the Bank of England .
Neil Cameron, savings manager at Sainsbury's Finance, said: "Rates on savings accounts move frequently so it's important to keep an eye on them and ensure that you are receiving a fair and competitive return."
It is important that savers are aware that a savings account that offers a competitive rate now, may not necessarily offer such value in the future, he added.
Earlier this month, Donna Bradshaw, a financial planning strategist with IFG Financial Services, said that people were likely to turn away from property investment in favour of savings.
Suggesting that people have been "using their house as a high street bank," Ms Bradshaw claimed this kind of shift back towards savings often occurs after a "spending glut".
Savings accounts advice issued
Savings accounts advice issued
Mon, 16 Jun 2008
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