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Savers: check you rate regularly to get the best savings deal

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25/07/2012
Savers are being urged to continually check their rates to avoid missing out on the best deals in the market.

With the recent fall in the Consumer Price Index (CPI) to 2.4% meaning more savings accounts now beat the eroding effect of inflation, according to MoneySupermarket.

A poll by the comparison website, asked its users whether they check their savings rates and found one in six fail to check – with 84% of this group admitting they mean to check but keep forgetting.

Kevin Mountford, head of banking at MoneySupermarket.com, said: “It is vitally important savers check their rates and be prepared to switch if they are not on the most competitive deal.

“The difference between the average and top paying rates can be significant so moving to a better deal can go a long way to help maximise the return to consumers from their savings.

“Unfortunately, some providers don’t always make it as easy as it should be for customers to check the rates on their savings- this should be something they should do as a matter of course.”

According to MoneySupermarket, eleven easy access saving accounts now beat inflation- the first time this savings vehicle has beaten the effects of inflation since November 2009. This includes the ING Direct Savings Account which currently offers 3.24%.

Someone saving £10,000 would earn £324.00 in interest, compared to £21.00 to if they remained languishing on the average rate of 0.21%.

Mountford added: “If you are a UK taxpayer, and haven’t used your 2012/13 ISA allowance yet, then you can make your savings go even further.”

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