Savers must be pro-active, says moneysupermarket.com banking

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Savers must be pro-active, says moneysupermarket.com banking

Wed 14th Jul 2010

It is important for consumers to actively seek the best way of making their money grow, a spokesperson for moneysupermarket.com banking has claimed.

Head of banking at the website Kevin Mountford explained that savers are having to deal with a tough economic climate currently and this makes a pro-active approach even more important than ever.

He said: "Given the low number of products which offer a return above inflation, savers really need to keep a close eye on their interest rates."

In his view, people can maximise their savings by keeping an eye on when bonus interest rate terms come to an end and ensuring they utilise their full Isa allowance every year.

These comments follow moneysupermarket.com banking research showing that inflation has caused the value of cash Isas to drop by almost £90 since the beginning of the year.

Last month, the firm revealed that new Office of Fair Trading guidelines could allow savers in the UK to accrue an additional £5.6 million in interest in total.

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