Credit Card Charges: Savers Should Check When Their Introductory Deal Ends

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) October 7, 2010 -- FOR IMMEDIATE RELEASE

London, UK, 5th October, 2010: UK savers who opened an instant-access account have been urged to check when their introductory deal expires.

Many savings accounts include a temporary bonus rate period in which consumers can earn a large amount of interest, typically for around 12 months.

Research from moneysupermarket.com has revealed that these deals account for an average of 80 per cent of the total interest, meaning savers can be left on low rates when it ends.

Kevin Mountford of moneysupermarket.com said: "Unfortunately savers cannot rely on their banks to remind them that their deal has come to end, so they really have to be vigilant and go as far as writing it in their diary or sticking a post-it note on the fridge so they don't forget when their savings rate will plummet."

Last year, Citibank offered an easy-access savings account which paid 3.3 per cent for the first 12 months, but this dropped to 0.75 per cent when the bonus term expired.

“Savers in the United Kingdom must keep track of the introductory deals of their bank accounts. Banks usually do not remind customers that their deals have ended.” says financial analyst Charles Baker who has decades of experience in the financial industry. He works as a financial analyst for PPI Claim Company.co.uk.

“These introductory offers usually last for 12 months during which the customers earn good rate of interest. But once these deals are over they are left with low rates of interest which they should keep in mind themselves.”


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Belmont Thornton
Suite 2, Unit 25
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Street: Munster Road
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Post Code: SW6 6AW
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