Savers 'should choose wisely'

Savers have been advised to choose their savings account wisely, as an increasing number of accounts offering rates above six per cent come on the market.

Sainsbury's Bank has noted that there are now a total of 71 accounts that offer savings rates of more than 0.25 per cent above the base rate, but reminds consumers that it is important to opt for the account that best suits individual needs.

Commenting on the findings, head of savings at Sainsbury's Bank Peter Wood said: "The savings market has become increasingly competitive, and there are some cracking accounts available. With so many accounts on the market, savers need to think about which savings account best suits their needs."

While some savers may wish to enjoy short-term benefits, savers with a more long-term view of their finances may also wish to consider what type of account is best for them in order to maximise their returns - whether it be an instant access account or one with a notice period, for example.

Besides savings accounts, it may also be worth considering the option of a pension to provide for retirement.