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'Check details' before opening a savings account
09 May 2008
Consumers wanting to open a savings account should ensure it is suitable for their needs, claim financial analysts.
Most people enjoy the benefits of instant access or no notice accounts because they "like to know they can access their money if they really need to", according to Moneyfacts.
While research by Nationwide revealed that 54 per cent of people prefer a no notice account they should be aware that using the account can come at a cost.
Some accounts either reduce or pay no interest in the month a withdrawal is made while others allow only a set number of withdrawals a year, so it is important that consumers research an account before opening it.
Michelle Slade, analyst at Moneyfacts, said: "If you go into a provider's branch or look on their website you can get exactly what you want."
In a survey by Nationwide, 78 per cent of people said they used a savings account as a way to save their money. 
