Sainsbury's tells savers: "Know thyself"

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Sainsbury's tells savers: "Know thyself"

Wed 9th Jul 2008

Savers should shop around to find the savings account best suited to them, Sainsbury's has said.

Helen Cook, head of savings at Sainsbury's Finance, said that while many people intend to be "sensible" and move between the best rates, most do not get around to it.

She warned savers to "know thyself" and whether or not they are the sort of person who really will shift among rates and shop around for the best deals.

Recent research by Sainsbury's with Defaqto analysed the top 50 instant/easy access savings accounts on balances of £1,000.

It found that many apply conditions as to how they can be used.

Of the 50, 12 restricted the number of withdrawals, four penalised withdrawals and nine were open only to certain age groups.

Information released by the British Bankers Association last month found that in May, mortgage lending was much weaker than in April, with a record low number of house purchase approvals.

Consumer credit rose and personal deposit growth was weaker than in April.

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