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Newsletter

Introductory rates 'are more appealing'

By Sarah Engle, Fri 27 Aug 2010 - Published in Banking

A sector expert has explained how some of the best rates for bank customers are introductory ones.

Mark Bower, managing director of moneymaxim.co.uk, made the comments about the best savings rates following a Which? report that suggested accounts may not be as attractive as they first appeared.

He suggested that the best thing is for customers to see which introductory rates are best for them and then switch when these come to an end.

"The best offers on the market rely on customers being fairly savvy in understanding about how they make the most of that offer. I would totally agree that most of the best rates on the market are introductory rates," Mr Bower noted.

He added that customers need to be "careful" that the bank account they may be moving to is going to serve their needs and advised borrowers to look at the "whole package" rather than just the headline savings account rate.