MoneyExpert.com advises people to shop around for bank accounts

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MoneyExpert.com advises people to shop around for bank accounts

Fri 14th May 2010

Savers who settle for a bank account without checking the whole market may be losing out on cash, says a representative from MoneyExpert.com.

Pierre Williams, head of research at the website, highlighted products that use passbooks as having particularly low rates and lamented that it is normally pensioners who seem to use such accounts.

In his view, the poor returns on passbook accounts can have a "devastating" effect on their finances and this could be avoided by simply shopping around.

Mr Williams stated: "It's quite often the main high street banks that offer the worst rates on passbook accounts, whereas some building societies offer far more attractive rates."

The finance expert recommended that people look at the whole of the market, rather than sticking to products that offer passbooks, but if they do insist on this feature, to ensure they are getting the best value account available.

MoneyExpert.com recently revealed that such products are currently receiving an average interest rate of 0.99 per cent.

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