People should take the time to check if their savings account is offering them a good return on their investment, one expert has stated.
According to Kevin Mountford, head of savings and current accounts at Moneysupermarket.com, while there are good deals out there, some people are failing to take advantage of them.
He explained that people who leave their money in old savings account could be missing out as the best deals are on newly launched products.
"If you take the individual savings account market for instance, those people who are shrewd enough to take their allowance on over the years, they will have a portfolio of savings products."
"But I wonder how often they move their savings from previous providers so they can get current rates?"
Mr Mountford's comments echo the finding of research by Moneyfacts.co.uk.
According to the price comparison website, high street banks hold more than £400 billion in savings but people could be missing out through not switching deals.
New savings accounts are best, expert claims
New savings accounts are best, expert claims
Wed, 28 May 2008
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