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Monday 28th April 2008
Savings accounts with headline grabbing rates of interest may not be as attractive as they appear, a price comparison site has warned.
Latterly, the savings account market has seen a rash of savings accounts being launched with appealing interest rates, as banks look to garner more of their funding from customer deposits.
However, many of these offers are dependent upon opening a current account with the same lender, which can be significantly worse value than rival products, according to Moneysupermarket.com.
The site cited the example of Alliance & Leicester's Premier Regular Saver which a whopping 12 per cent but only in conjunction with its current account that pays 1.5 per cent.
Consequently it is vital that savers study the terms of the offer closely to ensure they make the most of their deposit.
Kevin Mountford, head of savings at the site, said: "The number of options and breadth of linked savings accounts is greater than ever.
"These accounts tend to offer a market-leading proposition on the basis you take on another product with the same provider, which may not be such good value."
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