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Thursday 28th August 2008
Savings accounts with high headline rates are becoming more and more common, analysis from Defaqto has shown.
According to the firm, 28 per cent of the easy-access accounts currently on the market are offering interest in excess of the Bank of England's base rate.
Last year, this figure stood at 21 per cent - and in 2006, just eight per cent of accounts beat the Bank.
The upwards trend can be explained by the "savings war" which has broken out between financial firms keen to boost their revenue and repair their credit crunch-hit balance sheets.
However, Defaqto warned that some of the firms were employing sneaky tactics to attract new custom - with 36 per cent of accounts offering an "introductory bonus", which means that the headline rate will drop for customers after a pre-set period.
David Black, principal consultant of banking at Defaqto, said: "It's encouraging to see so many accounts offering attractive headline rates but savers need to keep their wits about them to avoid choosing an unsuitable account."
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