Fixed-rate ISAs currently best for savings, says expert
www.moneynews.co.uk > Banking > Fixed-rate ISAs currently best for savings, says expert
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Money News |
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Fixed-rate ISAs currently best for savings, says expert
Wed 17th Dec 2008
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Kevin Mountford of moneysupermarket.com said that the Bank of England may be about to cut interest rates again, which could mean that any savings account with a rate of interest pegged to the base rate will offer lower returns.
He said that while fixed-rate ISAs may not suit everyone, they would benefit savers who can afford to put away a lump sum and not touch for at least 12 months.
Mr Mountford, the head of banking at moneysupermarket.com, added: "If the credit crunch has taught everyone and every bank one important lesson, it is that savings are important.
"In this environment of falling rates, the argument to open a fixed savings product is a strong one."
Recently, a survey by Halifax revealed that many people in the UK are likely to make contributions to savings accounts rather than giving presents this Christmas.
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