People who open a high interest rate savings account must keep an eye on it to make sure it remains an attractive deal, one expert has warned.
According to Helen Cook, head of savings at Sainsburys Finance, the current trend of savings accounts offering good rates might mean that people lose out when they are cut.
She explained that many people take out a good savings account but then fail to switch it when it becomes less attractive.
Ms Cook said: "When it comes down to it, many don't get round to switching. So while it might have been good, it then turns out not to be."
People should also make sure they are aware of any restrictions on the savings account they are planning to take out, she added.
Her comments come after research by Sainsbury's Finance revealed that 16 of the 50 top instant and easy access savings accounts have conditions related to withdrawing money from them.
Switch for best savings accounts, expert states
Switch for best savings accounts, expert states
Fri, 04 Jul 2008
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