Look beyond headline grabbing savings accounts, expert suggests

Fri, 16 May 2008

Those searching for a new savings account should look beyond eye catching special offers, one expert believes.

Jayne Dono, a spokesperson for Britannia Building Society, explained that savings accounts that offer attractive rates for short periods of time might not be the best option.

She said: "While savers may be benefiting from headline-grabbing rates in the short term, they should also be aware of the long term prospects and whether these organisations really have their best interests at heart."

However, anyone who is currently looking for a savings account should find that there are many good deals currently on offer as banks look to attract deposits because of the impact of the credit crunch.

Research conducted by the Building Societies Association recently found that its members have experienced record inflows of cash into their savings accounts in the last eight months.

According to the BSA, 70 per cent of building society bosses feel confident about the year ahead.
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