Can those with banking jobs help savers?

Savers are increasingly struggling to get their hands on a competitive deal, one sector commentator has asserted.

Indeed, in many cases it is those with banking jobs at building societies or smaller financial services providers who are able to provide customers with the best deals, according to Michelle Slade, a spokesperson from Moneyfacts.

However, this is not currently the case with many high street providers, she added.

"Many of the best deals now include large short-term bonuses, which temporarily boost the rate savers receive or have restrictions on withdrawals," Ms Slade advised.

She recommended that savers carefully read the terms and conditions of their account before they commit their funds.

Her comments come after the Treasury-backed organisation National Savings and Investments (NS&I) announced it would be ceasing to offer inflation beating savings certificates as they were so popular.

Ms Slade explained that NS&I was only able to do an agreed limit of business, meaning it had to withdraw the bonds offer to new customers.

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