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Home  »News  »Finance News

It's not easy to 'find a competitive savings deal'

21/07/2010

The country may have emerged from recession last year but not everyone is finding it easy to save money each month. In fact, figures from the Office for National Statistics show that the household saving ratio – that's the percentage of disposable income which each house saves – fell from 7.2 per cent in quarter four 2009 to 6.9 per cent in quarter one in 2010. According to Michelle Slade, spokesperson for Moneyfacts, this is partly because it isn't easy to find competitive savings deals. "Savers are increasingly struggling to find a competitive deal, particularly if they just look at high street providers. Many of the best deals on the market come from building societies or smaller less well known banks." If you think you've found a good deal, ensure you read the terms and conditions fully before agreeing to it. Ms Slade noted: "Many of the best deals now include large short term bonuses, which temporarily boost the rate savers receive or have restrictions on withdrawals." Make sure you visit our financial offers page for the latest deals available. Posted by Jez Walters

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