The credit crunch might be bad news for those looking for a mortgage, but those trying to find a new savings account should benefit, it has been claimed.
Andrew Hagger of MoneyFacts explained that the savings account market is currently a very competitive area as institutes seek to up their game because of the crisis.
However, despite there being "fantastic rates" on offer, customers will still have to shop around to make sure they have the best possible savings account.
Mr Hagger said: "Whilst a wide choice is a positive, the difference between the highest and lowest rates at some institutions is as much as 5.95 per cent.
"Putting it another way, on a £2,000 balance you could be losing out on an additional £119 interest each year by choosing the wrong account."
Yesterday, Myra Butterworth told MoneyExpert that future first time buyers will need to have a substantial deposit in their savings account if they are to get a mortgage .
Fantastic rates on savings accounts
Fantastic rates on savings accounts
Thu, 20 Mar 2008
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