Warning issued over headline saving rates

British consumers have been warned not to base their savings account choices entirely on the headline rate of interest they offer.

According to Jason Clarke, a spokesperson for Halifax, there are many aspects to consider when opening a new saving account and the highest rate of interest does not always equate to the best deal.

Millions of people in the UK are saving for children and Mr Clarke has urged consumers to familarise themselves fully with all the relevant information about a financial product before investing in it.

"When you are looking for a savings account, don't just go on the headline rate because it isn't going to tell you how you are going to get access to it and what the limits to the account are," he said.

A recent report from the National Savings & Investments organisation suggested that a third of all Britons would like to be saving more money than they are currently able to.