People looking for a good savings account should be wary if they are made to open another product with the same provider in order to get the best deal.
Kevin Mountford, head of savings at Moneysupermarket.com, explained that many banks are forcing people who want high interest rates to take out poorer value savings accounts at the same time in order to boost profits.
He said: "The number of options and breadth of linked savings accounts is greater than ever.
"These accounts tend to offer a market-leading proposition on the basis you take on another product with the same provider, which may not be such good value."
He added that while linked savings account can offer good value, people need to look at the package as a whole, rather than just the lead offer.
People should check the terms and conditions of any new deal as this will happen more and more often, he concluded.
Yesterday, Wendy Lee of Newcastle Building Society urged people to open a savings account rather than keeping their money at home .
Warning over linked savings accounts
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Warning over linked savings accounts
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