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Shop around for savings, says financial expert

Now is a good time for consumers to make sure their savings are working for them, according to a financial expert.

Kevin Mountford, head of savings and current accounts at Moneysupermarket.com, said that UK savers should shop around between banks and building societies to make sure their money is getting the best rate of interest.

According to Moneyfacts.co.uk, high street banks hold more than £400 billion of consumer savings but some savers aren't getting the best return for their money.

The website added that loyal customers often get the worst deals, as banks will focus on offering its best rates for new products to entice more customers to save with them.

Mr Mountford noted: "It's not always the most exciting thing for people but certainly in today's market with increased costs ... I think it's only right that people get the best return they can on their investments."

Moneysupermarket.com has 29 channels of price comparison information ranging from utilities to mobile phone contracts.

See how much you could save with a debt consolidation loan from Lombard Direct

© Adfero Ltd

22/05/2008 16:17:25

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