‘Consider interest rates’ when choosing a savings account
People should consider the interest rates paid on savings accounts before putting their money aside, according to Fool.co.uk.
The financial advice website said that those hoping to open an Isa this year should move quickly as the deadline is looming. New limits will also apply to Isas taken out after April 6th.
David Kuo, director of the website, said that finding a savings account which pays a good interest rate at the moment will be difficult.
However, Mr Kuo believes that saving money is still a wise move.
"There is so much uncertainty at the moment. It is best to look after your own finances and investments and prepare the best you can," he explained.
Last week, the Bank of England took the decision to leave interest rates unchanged at their historic low of 0.5 per cent for the twelfth consecutive month.
Since the decision was made commentators have said that the Bank is likely to leave rates low over the coming months.
Posted by Charles Mackay.