86% `reviewing savings while rates are low`

1 June 2010

86% of savers feel that low interest rates make it more important for them to review their savings, according to Fairinvestment.co.uk.

By comparison, only 67% said the same last October, even though the base rate was the same as it is now (0.5%).

However, just 5% say they are `nervous of the current climate`.

A debt expert at Think Money commented: "Given that savings rates are mostly low in the current climate, it makes sense to keep an eye out for better rates.

"Savings provide valuable protection against debt, and the higher the interest rate, the faster that protection will grow.

"However, savers should also keep in mind what they need the savings for. Many accounts with the highest interest rates tend to `lock away` the money for a set period of time, so if the saver thinks they could need the money at any time, they may prefer an account with a lower rate which gives them instant access to their funds."

Tags: debt, interest rates, interest, highest interest

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