You are here: Home - Saving & Banking - News -

Savers urged to read the small print

Written by:

Moneyfacts has called on consumers to read the small print as institutions fight to attract their savings business.

Joanna O’Brien, savings analyst at Moneyfacts, said: “Consumers need to look at rate guarantees with caution and consider them in the same way as they would a bonus on a savings account.

“Many guarantee rates to be at least equal to Base Rate until a set date or indefinitely and savers can be sure that their rate will never drop below Base Rate.

“What savers must be more careful of is when a rate paid is greater than Base Rate. They need to ensure they keep an eye on what happens to the rate both during the period of the guarantee and after as the rate could potentially drop a long way.

“On some products the rate guarantee will only apply to certain tiers, so savers need to make sure they will be eligible for the guarantee before investing.

“By shopping around, consumers can obtain a far higher variable rate without worrying about rate guarantees that aren’t worth the paper they are written on.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Consumers continue to value independent financial advice

Research by Unbiased has revealed that more than 250,000 consumers put their faith in independent financial advice in the first...