Abacus Daily Debt News

Banks ‘becoming more competitive for new customers’

People could benefit from a number of financial institutions increasing the savings products available to consumers in efforts to raise their competitiveness, one comparison site has suggested.

According to Moneyfacts.co.uk, new deals are being launched every day and fixed-rate bond packages have jumped from three products paying over four per cent in March 2009 to over 104 now.

Michelle Slade, spokesperson for the organisation, said that it is important that customers are well informed before making a choice on an account.

She remarked: "Savers are seeing increased levels of choice for their money, but they need to take the time to make sure the product they select is suitable for their needs."

Those looking at long-term deals should note that they may become uncompetitive once the base rate increases Slade added.

Ian Boden-Smyth for the UK Insolvency Helpline recently commented that Britons have suffered from irresponsible lending on the part of certain bodies.

By Francis Finch