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Wednesday 13th February 2008
Savers seeking the best rates of interest on their cash have been advised to opt for accounts without passbooks.
Researchers from price comparison site Moneysupermarket.com found that the average rate offered on an easy access savings account with a passbook stands at 3.84 per cent on balances of £1,000 or more.
However, by opting for an account which does not provide the book, savers can secure an average rate some 0.5 per cent higher at 4.3 per cent.
Banks are able to offer the higher rates due to the cost savings they make from not having to manufacture the books, according to Sean Gardner, chief executive at the site, said.
He explained: "Many savers like and value the security and certainty offered by a passbook with their savings account. However, there is a cost for banks and building societies in providing passbooks and it is savers who are paying the price."
"At a time when interest rates are being cut and are likely to be cut further a 0.5 per cent difference is significant."
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