Current account interest rates often do not offer best return, says moneysupermarket.com

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Current account interest rates often do not offer best return, says moneysupermarket.com

Thu 16th Sep 2010

Some people may be tempted to leave their money in a current account to try to secure a good return, but this may not be advisable, according to moneysupermaket.com.

Head of savings at the price comparison site Kevin Mountford explained that some current accounts have a great headline rate, but their complicated terms and conditions mean that people rarely get the amount they expect.

In his opinion, it is important to check the interest rates on savings and current accounts and switch to whichever one is offering a higher return.

"Consumers may be fooled by headline rates, but a further understanding of saving products is needed to ensure savers get the best deal," he noted.

Mr Mountford also recommended signing up for an easy access savings account, since this means individuals do not need to lock their money away.

This week, moneysupermarket.com commented on the Financial Ombudsman Service data published recently, saying an increased number of complaints is probably down to greater awareness of the dissatisfaction procedure.

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