Car insurance comparison website Tiger.co.uk has launched a guide to savings accounts
to help shoppers who are trying to identify the best place to house their extra money.
A report from the Centre for Economics and Business Research forecast that the amount of money being saved by people living in Great Britain is set to increase by nearly £20 billion to £94 billion over the next five years.
It seems that one of the effects of the financial crisis is that many more people are looking to save money in an attempt to feel more financially secure and, as such, there will be many people looking for the best return they can get on their savings.
Tiger.co.uk introduced its savings account comparison service
in early 2012. The new guide to savings accounts is designed to explain the range of savings products available and provides detail on the benefits and conditions associated to each so that shoppers can select the best product to suit their individual circumstances.
Andrew Goulborn, Commercial Director of the car insurance comparison site, commented: “The number of people looking to put some money aside is growing and no doubt a lot of savers will be looking to make sure that their savings are safe. Provided that cash is in a UK regulated bank or building society it is protected under the Financial Service Compensation Scheme, meaning that up to £85,000 per person, per account, is protected. We offer a number of different accounts on Tiger.co.uk, many of which are regulated, but we are also seeing increasing interest in peer to peer, or social savings schemes which are not covered by the Financial Conduct Authority but offer a higher rate of return in exchange for a little more risk. Everyone’s circumstances are different which is why it is important to do some research and shop around before committing to an account.”