Offsetting 'may help savers'
www.moneynews.co.uk > Banking > Offsetting 'may help savers'
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Offsetting 'may help savers'
Thu 12th Mar 2009
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According to research published by uSwitch.com, nearly 1.9 million Brits are considering offsetting their savings, but a further 1.6 million are rejecting the idea because they believe it is too complicated.
The price comparison website claims that offsetting savings has several advantages and calculates that customers could earn around four times as much in interest on their offset savings than they could if they deposited their money in a savings account.
Louise Bond, personal finance product manager at uSwitch.com, said: "For people that are nervous about the current financial situation, this could offer the most lucrative and safest alternative to a low rate savings account."
Last week, the Bank of England cut the base rate of interest by a further 0.5 per cent, a reduction which many savings account providers may choose to follow.
Click here for more banking news
Related News : Banking |
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