The FCA announced this week that it was turning its attention to so called ‘Teaser Rates’ that banks offer on savings accounts to entice new customers.
These ‘Teaser’ rates are short term headline offers that will reduce, often to almost zero after a year or so – they are in place across a range of Cash ISA’s, savings and deposit accounts.
Switching savings accounts on a regular basis can be time consuming so the best way to avoid the teaser rate trap is to look at the small print whenever you take out or place money into savings.
Holding money in cash is one of the primary building blocks of a comprehensive financial plan – but like every part of a good plan, cash holdings needs assessing and reviewing on a regular basis to retain the best value.
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