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Savings account bonuses increasing

30/07/2009

Banks and building societies are increasingly offering `bonuses` on their savings accounts as a temporary measure to increase the interest rates on offer and attract customers, according to Moneyfacts.co.uk.

According to Moneyfacts, the number of variable-rate savings accounts offering a bonus has increased from 10.8% to 16.4% over the last two years. In that time, the average size of the bonus has increased from 0.64% to 1.10%.

A spokesperson for Debt Advisers Direct said: "Savings are very important, not only for providing long-term security, but also for offering protection against debt in the event that any unexpected costs arise.

"Bonuses on savings accounts mean that the interest will build up much more quickly - and therefore offer more protection - but savers should remember that these bonuses are only temporary. Once the bonus period expires, it`s important that savers look around for the best interest rates to ensure that their money is growing as quickly as possible."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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