Building society savings accounts offer good rates of interest as well as somewhere safe for consumers to put their money, it has been claimed.
Steve Urwin, senior marketing executive at Newcastle Building Society, explained that mutual savings accounts have safeguards in place.
He said: "Savings are protected by the investor protection scheme, in addition to housing their money in a trusted institution.
"Savers wanting complete peace of mind can opt for fixed-rates so they know exactly the return to expect."
He advised that people should also be sure to make full use of their individual savings account allowance each year due to the tax-free nature of the account .
Once they have done this, they can then start to look at investing in other kinds of savings account, he added.
Yesterday, Tobias van der Meer, head of consumer banking and investments at Egg, suggested that people make sure they have the equivalent of three month's wages stashed away in a savings account to help them through tough times.
Building society savings accounts safe, expert states
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Building society savings accounts safe, expert states
Mon, 02 Jun 2008
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