Savers looking for the most suitable home for their cash
will be given help to find the best rate of return available
to them following the launch today of the FSA''s savings
accounts comparative tables.
The savings accounts comparative tables will include a
range of savings products from everyday deposit accounts
to cash ISAs and pensioners'' bonds. There will be over
1,000 savings accounts on the tables. These will be updated
on a daily basis.
Alan Grant, Manager of the FSA tables, said:
"There are thousands of different types of savings
account and the variation in returns available could mean
a difference in returns of over 4% annually. The expansion
of the tables to include saving products offers account
holders in the UK a simple way to shop around for a new
account or find a better deal."
The comparative tables which also cover investments, pensions
and mortgage products are a key element of the FSA’s
campaign to boost consumers’ understanding of financial
services by arming them with accurate and relevant information
before shopping around for the best deal.
The savings accounts comparative information tables
will include the following products: cash ISAs, deposit
accounts, National savings & investment accounts, Income
bonds, fixed rate savings bonds, capital bonds, children''s
bonus bonds, and Pensioners guaranteed income bonds.
There will be 109 companies providing information to the
tables covering approximately 80% of the savings market.
Providers who have decided not to participate in the savings
accounts comparative information tables are listed as non-participants
in the tables where they are above the minimum threshold
for participation (500 accounts opened per annum).
The comparative information tables are available here.
The tables receive on average 7,500 visitors per week.
Bank deposits at the end of March 2004 were £480.3
billion (source Bank of England), building society deposits
at the end February 2004 were £145 billion and £183
billion held in mini cash ISAs (source Building Societies
Association).
The FSA regulates the financial services industry and has
four objectives under the Financial Services and Markets
Act 2000: maintaining market confidence; promoting public
understanding of the financial system; securing the appropriate
degree of protection of consumers; and fighting financial
crime.
The FSA aims to maintain efficient, orderly and clean financial
markets and help retail consumers achieve a fair deal.
16 June 2004
Source: FSA
