Make the right savings decision, says Halifax

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Make the right savings decision, says Halifax

Fri 8th Feb 2008

Prior to making a savings account decision, consumers should decide what it is they want from the product they choose, Halifax has claimed.

Both the long-term and short-term requirements of the account should be factored in, the bank argued, because money is needed now and for other reasons in the future.

Spokesperson at Halifax Jason Clarke noted that a fixed-rate account is best for those planning for times ahead, a regular account for people planning "two or three years" ahead and an internet account for easy access.

The latter is a great option, he pondered, because they afford decent rates and a good level of accessibility.

"Because they are online savings accounts, banks and building societies will give you a better rate because it costs them less to run those accounts and they pass that on to the customers," he commented.

Apacs recently said that the number of adults banking online rose from 6.2 million in 2001 to 17 million in 2006.

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