People should look at savings accounts offering introductory bonuses to make the most of their money, according to one expert.
David Black, principal consultant for banking at Defaqto, explained with the Bank of England base rate being so low, consumers need to work hard to get a good savings account .
However, people will need to remain vigilant and switch their savings account when the introductory offer comes to an end, he warned.
"It's important to note that under the Banking Code providers don't have to notify the saver that an introductory bonus is about to end provided that the terms of the bonus have been clearly communicated," Mr Black said.
People should also study the terms and conditions of a savings account to make sure it is suitable for their needs, he added.
Recently, Michelle Slade, analyst at Moneyfacts.co.uk, suggested that people who do not have time to switch deals on a regular basis should opt for a savings account with a consistently good rate .
Consumers advised to opt for savings account bonuses
Financial Services > Savings > Savings and Investments News
Consumers advised to opt for savings account bonuses
Fri, 30 Jan 2009
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