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PPI: Savers should not be 'fooled' by headline rates

Savers should carefully consider their account choice and not be fooled by headline deals, according to an expert.

Some accounts offer high rates but these are often only available under a number of conditions, such as a minimum monthly deposit amount.

Kevin Mountford, head of savings at moneysupermarket.com, advised consumers not to be "fooled by headline rates" and shop around for the best deals.

He said: "Unfortunately saving rates are far from the peak we saw only a couple of years ago and may not increase for some time, so consumers will need to be more savvy with their money than ever to find the best rates available, which may mean using their current account and savings account carefully."

Mr Mountford added that savers who are unable to lock their cash away in a high-paying Isa should instead opt for an easy access account.

The Halifax Reward Current Account currently offers consumers £5 a month if they pay in at least £1,000 a month.

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-800064924-ADNFCR



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