29 February 2008
Customers could help themselves make the right choice about who to bank with by compiling a shopping list of their needs, an expert advises.
Brian Capon of the British Bankers' Association (BBA) said customers should check more than just the headline rate and examine the small print, while noting some customers might opt for a non-UK based institution.
His comments follow reports that the number of international banks offering savings accounts in the UK has increased.
"It's important to look at a number of things to decide which account is suitable for you," he added.
"Also, it's important to look at the protection you are getting."
He advised people to get information from the Financial Services Authority website about checking whether a non-UK bank was authorised and under what terms, to ensure their savings were protected.
He went on to say that people are "more sophisticated" in their approach to their own finances and were willing to shop around for the savings accounts that suited them best.
© 2008 Adfero Ltd
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