One in three savings accounts offer interest rates of 0.5 per cent or less, a new study has found.
Research by uSwitch.com also found that 23 savings accounts are paying less than 0.05 per cent.
Louise Bond, personal finance manager at the website, warned that savings rates are likely to fall further in coming weeks.
"However, there are still some reasonable deals around such as ING's Direct Savings Account paying four per cent," she said.
Those looking for an alternative to a savings account should consider looking at the stock market and offsetting cash against their mortgage, she added.
People who do decide to put their money in riskier places than a savings account should seek financial advice before doing so, Ms Bond suggested.
Yesterday, Michelle Slade, analyst at Moneyfacts.co.uk, advised people who do not want to swap savings accounts all the time to look for a deal which offers a consistently good rate.
Third of savings accounts offer less than 0.5 per cent, study finds
Financial Services > Savings > Savings and Investments News
Third of savings accounts offer less than 0.5 per cent, study finds
Wed, 28 Jan 2009
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