Take full advantage of bonus rates, says moneysupermarket.com

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Take full advantage of bonus rates, says moneysupermarket.com

Thu 3rd Jun 2010

Savers are smart to take advantage of the bonus interest rates offered by financial institutions, a representative from moneysupermarket.com has noted.

Kevin Mountford, head of banking at the comparison site, explained individuals just have to be on the ball for when their bank or building society moves their savings on to a lower rate.

He remarked: "A really savvy saver could spend a long time benefiting from savings bonuses as long as they are willing to put a little effort in, usually every 12 months when rates expire."

But Mr Mountford stressed that not all accounts fix their interest rates for periods of one year, so it is important to keep an eye out for when the bonus finishes.

His comments were made after moneysupermarket.com found that the best easy access savings product is currently the West Bromwich BS Direct Bonus Account, which gives customers 2.9 per cent interest.

Last month, the same price comparison website highlighted notice accounts as a potentially profitable way of saving.

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