Savers 'need to shop around yearly for best option'

Money News

www.moneynews.co.uk > Banking > Savers 'need to shop around yearly for best option'

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Savers 'need to shop around yearly for best option'

To get the best saving rates, savers should look for interest rates annually, according to Informed Choice.

Martin Bamford, chartered financial planner at the firm, said there is a big gap between the top and bottom ends of the deals available.

While he suggests opting for a fixed-rate product, as they tend to be more rewarding than the returns on instant-access accounts, he suggests they should not be used for more than a year due to the possibility of the bank rate increasing.

Although the returns on the likes of corporate bonds and equities can look attractive, they represent a higher risk to the invested capital.

For cash savers he advises to "shop around and make use of your annual cash Isa allowance to ensure your interest is received gross rather than subject to income tax."

His comments follow a report by moneyfacts which showed that one in ten variable interest rates on savings accounts have fallen in the last twelve months.

Click here for more banking newsADNFCR-323-ID-19448234-ADNFCR

Related News : Banking

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet