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Current Accounts Rival Savings Accounts |
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(7th July 2008)
Taking out a current account could earn you more interest than some savings accounts on the market, according to a leading financial adviser.
According to Fool.co.uk, there are more than 130 interest-paying current accounts on offer, but only 13 pay more than five per cent interest.
However, savers need to be aware of the terms and conditions of some of the high-interest current accounts.
David Kuo, head of personal finance at Fool.co.uk, said: "Some of the rates on offer are indeed better than those available in savings accounts."
"But there are catches to beware of," he added.
Alliance and Leicester is the highest-paying current account with an interest rate of 8.5 per cent AER, but that rate drops to 0.1 per cent if the accounts balance goes above £2,500.
Coventry Building Society's First account is the only one to offer more than five per cent interest on sums far greater than £2,500.
Its account has a balance limit of £250,000.
According to research by YouGov, nearly a quarter of adults in the UK have not started saving for their retirement because of financial pressures.
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News brought to you by Start Again Finance, specialists in bad credit mortgage advice, loans, credit cards, savings and insurance |
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