People should plan what they want from a savings account before investing their money in such a product, one expert claims.
Michelle Slade, analyst at Moneyfacts, explained that people need to decide what characteristics they want their savings account to have so they can pick the right one for them.
She said: "If you know you are going to need regular access, as you have in the past with a current or savings account, make sure you look for one that does have that."
Anyone who wants the make the occasional, unplanned withdrawal from a savings account should look for one which offers the chance to make a set number of withdrawals without the threat of a penalty, Ms Slade added.
However, if people are happy not to have access to their money then they should put in a savings account that offers a good fixed-rate of interest, she concluded.
Recent research by Nationwide found that 54 per cent of people consider it very important or essential that their savings account does not have a period of notice for withdrawing their money.
Planning vital for savings accounts
Planning vital for savings accounts
Fri, 09 May 2008
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