Price should not be only factor with savings accounts, says money.co.uk

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www.moneynews.co.uk > Banking > Price should not be only factor with savings accounts, says money.co.uk

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Price should not be only factor with savings accounts, says money.co.uk

A source from money.co.uk has criticised a recent Which? survey and claimed customers should be motivated by other factors than simply the price of a financial product.

Chris Morling, managing director at the website, made his remarks regarding research by the consumer watchdog suggesting price comparison sites need to do more to satisfy the public need for information.

He pointed out that many online hubs of this kind tend to focus solely on the cost of financial tools, but he suggested this may not tell the whole story.

Mr Morling said: "Consumers need to focus on finding value-for-money financial products that suit their circumstances rather than basing their decisions solely on price."

Another statement recently released by Which? saw banking giant Santander criticised for sending out bank statements to customers with other clients' details on them.

Money editor at the watchdog James Daley described 2010 as an "atrocious year" for the financial services provider and urged consumers to take their business elsewhere.

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