‘Proactive approach to saving’ may provide debt help
Consumers seeking debt help could benefit from taking a “proactive” approach to their savings, it has been claimed.
According to Investec Private Bank, savings accounts which feature in best-buy tables frequently do so on the grounds of unsustainable headline rates.
The financial services provider encourages consumers to check their account is still generating the maximum amount of income from any savings they may hold.
Head of banking and treasury Linda McBain warns: “Be prepared to change and be proactive around monitoring.
“Don’t allow apathy to creep in because that’s what a lot of institutions rely on.”
Her comments follow research which found that in the five years to April 2007, the Bank of England’s base rate of interest rose by 1.25 per cent but the average increase among the 11 best-buy savings accounts was 0.92 per cent.
Britons - including those who do not have any savings to contribute towards clearing their lending - could stand to benefit from expert debt help.
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