When the best rate is not always the best option

07th September 2017

At Savings Champion we are all for providers increasing their rates but we are also aware of our responsibility to look beyond the market-leading rates and examine all aspects of an account before recommending it to our customers.

The eSavings easy access account from Ulster Bank has been the centre of much attention since the rate increased to 1.25% gross/AER in June 2017, but not all the headlines have been positive.

We have had feedback from a number of customers regarding the arduous application process and complex identification requirements.

We are not saying that this account should not be opened, after all it is a market-leading rate, but we feel it’s important to draw attention to the current set-up issues and delays, so that you can make an informed decision about whether you want to open an account.

> For further information on this account, and other options available, please refer to our Easy Access Best Buy Table.

It’s really important to us that we provide our customers with a ‘complete picture’ regarding savings accounts – both good and bad - to ensure they can make informed decisions.

That’s why on our best buy tables we include important points like set-up issues and delays in our product Facts and Verdicts. 

Not only that, but we also indicate if each provider has its own Financial Services Compensation Scheme (FSCS) licence or whether it is shared with anyone else, to ensure your funds are protected by the FSCS.

For more information see our FSCS Guide.

It would be lovely to hear from you if you have information about any savings accounts you have opened or suggestions for further advice that you would like to see on our website.

To be kept up to date about the best products on the savings market, sign up to our Best Buy Tables and Rate Alert emails today or give us a call on 0800 011 9705 we’d love to hear from you.

 

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