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PPI: Consumers urged to consider merits of high-rate accounts

UK consumers have been urged to carefully consider if an account with a high introductory rate is right for them.

A recent Which? report revealed there are often strict conditions attached to regular savings accounts which pay between five and eight per cent.

Account holders are likely to have to make minimum monthly deposits, while the best rates are reserved for those with a current account with the same provider.

Mark Bower, managing director of moneymaxim.co.uk, claimed consumers should be aware of the terms of the account before opening it.

He said: "Consumers need to be careful that the bank account that they may be moving to is actually going to serve their needs best and make sure they look at the whole package rather than just the headline savings account rate that they will get if they do move their account."

Mr Bower added that banks are only able to offer such high rates as some customers will inevitably remain with the firm after the introductory rate stops.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800043856-ADNFCR



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