Savers should “shop around”

Consumers need to “shop around” in order to find the savings account that is right for them, according to Sainsbury’s Finance.

The bank, along with research company Defaqto, has found that restrictions apply to many of the UK’s best savings accounts, with four of the top 50 charging for withdrawals and 12 restricting the number that can be made.

Head of savings Helen Cook said: “If you shop around, you can probably find something that is good value for money.”

But customers should be mindful of the type of saver that they are, she added, as “even though you think you’re going to be very sensible and shift amongst rates, actually, most people don’t.

“People need to know whether or not they’re the sort that will.”

Analysis by the British Bankers’ Association released last month showed that consumer credit had risen due to lower credit card repayments.

© Adfero Ltd

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