Use price comparison sites, savers are told

Rates on savings accounts are fluctuating due to concerns over a recession, it has been claimed.

Jason Clarke of Halifax bank explained that fixed-rate products are especially prone to going up and down.

He claimed that one week a good deal can be found and then a week later it is gone, adding that the unpredictable rates are due to worries about an economic slowdown.

"With the way things are at the moment you have to be flexible, do a bit of research," he said.

Mr Clarke recommended using online price comparison companies to find the best financial product, claiming if a savings account comes up in the top three on a number of sites, "chances are that it’s a decent product".

In January, the Times reported that there is an emerging trend of more and more people using price comparison sites to get the best insurance quotes for them.

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