Mar 24 2009
Parents investing for their children are being advised to take a long-term view rather than being seduced by eye-catching rates.
Research by Moneyfacts.co.uk has found banks are now topping building societies on competitive savings accounts, offering an average of 2.25 per cent on cash Isas.
But Rachel Le Brocq, press and public affairs manager at the Building Societies Association believes building societies still "offer the best long-term value".
She advises that savers should "look carefully at who can offer you the most competitive deal" for the future, instead of continually switching to get better rates.
Building societies still come out on top of banks in terms of customer satisfaction, with almost three-quarters of savers saying in a GfK NOP poll that they are happy with their lender.
Additionally, building societies are considered more secure than banks, with almost twice as many bank savers reporting they did not feel their money was safe.
