Jun 13 2007
Consumers in the UK have been warned that they might not get as good a deal as they hoped for from their savings account supplier due to conditions that are often hidden in the small print.
Head of savings at Sainsbury's Bank Peter Wood maintains that many of Britain's consumers, whether opening a savings account to secure their own or their children's financial future, are misled to an extent by attractive headline interest rates.
Financial service providers will often charge their customers each time they make withdrawals and it is important for savers to familiarise themselves with all the details of an deal before making an investment decision, Mr Wood suggests.
He said: "Customers need to go into these accounts with their eyes open."
"We don't believe a lot of people do, because they see the headline rate and think: 'That's great, I'll go for that'," he added.
Independent financial comparison service MoneyExpert reported recently that consumers in the UK are set to benefit from improved interest rates as competition among savings account offers increases.
