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Regular savers 'should look around for best deals'
Regular savers should look around for the best savings deal because despite poor returns on instant access savings accounts, there are still some good deals to be found in alternative products.
Andrew Hagger of Moneynet.co.uk, has said "if you're prepared to consider putting a regular sum of cash away on a monthly basis" there are some better fixed rate deals available.
Mr Hagger added: "With a Regular Savings account, it's possible to earn over three times as much annual interest income as an average instant access account, and over twenty times as much as some of the poorest paying deals, surely enough to make it an option worth investigating."
The best buy regular savings accounts included Nottingham Building Society and Barclays Bank.
Nottingham offered a fixed rate regular saver account with 5 per cent AER. The drawback to this account is that customers are not allowed to withdraw their funds before the allotted time is up.
Barclays option did permit withdrawals, but its rate of 4.25 per cent would drop to 3 per cent for the month in which money was taken out.
Mr Hagger noted: "The fairly rigid terms and conditions of these accounts may sometimes put people off, but for a new saver they provide the extra discipline which may prevent them giving up too easily on the very important habit of saving regularly."
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Andrew Hagger of Moneynet.co.uk, has said "if you're prepared to consider putting a regular sum of cash away on a monthly basis" there are some better fixed rate deals available.
Mr Hagger added: "With a Regular Savings account, it's possible to earn over three times as much annual interest income as an average instant access account, and over twenty times as much as some of the poorest paying deals, surely enough to make it an option worth investigating."
The best buy regular savings accounts included Nottingham Building Society and Barclays Bank.
Nottingham offered a fixed rate regular saver account with 5 per cent AER. The drawback to this account is that customers are not allowed to withdraw their funds before the allotted time is up.
Barclays option did permit withdrawals, but its rate of 4.25 per cent would drop to 3 per cent for the month in which money was taken out.
Mr Hagger noted: "The fairly rigid terms and conditions of these accounts may sometimes put people off, but for a new saver they provide the extra discipline which may prevent them giving up too easily on the very important habit of saving regularly."
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Published: 22/02/2010
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.