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Consumers should `be wary of interest rates on savings accounts`

11 February 2008

Consumers should be wary of just taking the headline rate of interest at face value when choosing a savings account, an expert has claimed.

People searching for a savings account - potentially as part of a debt management scheme - must look at al parts of the account when choosing from the selection on the market, Halifax stated.

Jason Clarke, spokesperson for Halifax, said that consumers should "consider" all aspects of the account before agreeing to sign for it.

Mr Clarke added: "Often, the highest rates are going to be the ones with quite a few limitations in there so it might restrict how often you can take money out or it might not allow you to withdraw money through an ATM."

According to the Building Society Association, £16.1 billion was put into savings accounts during 2007.

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